Chairman of 911 Group suddenly passed away right before the shareholders' meeting

911 Group planned to hold an extraordinary general meeting of shareholders to approve the purchase of Vinfast cars worth VND500 billion. However, Mr. Luu Dinh Tuan - Chairman of the Board of Directors, suddenly passed away exactly 1 day before the meeting took place.

Mr. Luu Dinh Tuan - former Chairman of the Board of Directors of 911 Group - Photo: DN Website

911 Group Joint Stock Company (NO1) has just announced that Mr. Luu Dinh Tuan - Chairman of the Board of Directors and legal representative - passed away on November 22, 2024.

According to plan, the afternoon of November 23 is the time when 911 Group holds the 2024 extraordinary general meeting of shareholders.

There has been no announcement from the 911 Group yet, however, with the sad news as mentioned, the congress may have to be postponed.

Documents before the meeting show that the congress is expected to discuss and approve many important contents for the business such as dismissal and addition of members of the Board of Directors, approval of asset investment, amendment of internal regulations, capital increase...

One notable content is that the board of directors will submit to shareholders for approval the signing of a contract for the purchase and sale of cars and battery rental services with Vinfast Trading and Service Company Limited.

The contract value is up to 500 billion VND, expected time in the second quarter of 2025.

According to the initial proposal, the Board of Directors proposed that the shareholders' meeting delegate authority to Chairman of the Board of Directors Luu Dinh Tuan to review, negotiate, agree and sign a contract to ensure compliance with the company's plan and the provisions of law.

Previously, on October 21, 911 Group also announced the Board of Directors' resolution approving the signing of a contract for the purchase and sale of cars and battery rental services with VinFast. The contract will take place in the fourth quarter of this year and is worth nearly VND45 billion.

On October 26, 911 Group signed a memorandum of understanding with GSM Green and Smart Mobility Joint Stock Company on leasing and purchasing 2,200 VinFast electric cars, with the goal of establishing the "911 Taxi" brand.

According to the agreement, of the 2,200 vehicles, the first 200 will be handed over by GSM to 911 Group for operation in the fourth quarter of 2024, the remaining vehicles will continue to be handed over until the end of 2025.

This is a strategic move by 911 Group to expand revenue sources beyond core business areas such as construction equipment, concrete mixing plants and forklifts.

911 Group wants to expand into electric taxis

According to the financial report as of September 30, 2024, the total assets of 911 Group reached nearly 467 billion VND. The value of the contract to lease and purchase 2,200 Vinfast electric cars from GSM accounted for about 10% of the total assets of the enterprise.

At the signing event, Mr. Luu Dinh Tuan said that the decision to choose electric taxis as soon as he expanded into the taxi sector was based on the investment efficiency recognized by pioneering domestic transportation businesses.

"Cooperating with GSM not only helps 911 Group quickly enter the passenger transport industry but also takes advantage of the strong green transition wave in Vietnam. Using electric vehicles in operation not only helps optimize costs but also receives a lot of support from the Government, partners and customers," Mr. Tuan once shared.

Source: https://tuoitre.vn/chu-tich-tap-doan-911-dot-ngot-tu-tran-ngay-truoc-ngay-dai-hoi-dong-co-dong-20241124072140339.htm