FLC reduces 60% of staff during restructuring process

On February 20, the 2nd Extraordinary General Meeting of Shareholders in 2024 of FLC Group Corporation (stock code FLC) was successfully held with the participation of 103 shareholders, accounting for more than 33.7% of voting shares. Shareholders approved the dismissal and election of additional members of the Board of Directors. The new Board of Directors of FLC after the meeting consists of 5 members, including Mr. Le Ba Nguyen - Chairman of the Board of Directors, Ms. Vu Dang Hai Yen - Permanent Vice Chairman and members including Ms. Tran Thi Huong, Mr. Le Tien Dung and Mr. Ngo Dang Hoang Anh.

FLC giảm 60% nhân sự trong quá trình tái cấu trúc- Ảnh 1. — FLC successfully held the 2nd Extraordinary General Meeting of Shareholders in 2024

FLC leaders said that 2022 - 2023 is an extremely difficult and challenging period for the group. This is the time after Mr. Trinh Van Quyet - former Chairman of FLC - was arrested for stock manipulation.

Currently, the total value of the company's assets is estimated at over 21,000 billion VND with quality and value maintained. FLC is also approaching and researching many projects in over 20 provinces and cities with a number of key projects. It has paid about 800 billion VND to the State budget and has fulfilled its debt obligations of 4,400 billion VND.

The restructuring process also reduced FLC's human resources when the group reduced 60% of its regular staff. FLC said this was to balance the organizational structure and stabilize income for thousands of employees, with total salaries and bonuses in 2023 reaching more than 300 billion VND. The group has merged 50% of departments, newly established the Business and Strategy Department, and the Information Technology Department. The system of member companies and affiliated companies includes 14 subsidiaries (owning over 50 - 100% of charter capital) and 1 affiliated company.

In the real estate sector, FLC said it has restarted and implemented construction at projects such as FLC Premier Parc, C4C5 Thanh Hoa, FLC Sam Son, FLC Tropical. The construction cost is more than 500 billion VND; the number of construction units is 889 units, the number of units under construction is 831 units.

In 2024, FLC will continue to promote restructuring and reshaping core areas with three main pillars: Real estate business, resort business and M&A projects to restructure loans and maintain business operations. For example, the plan set for 2024 for the real estate business segment is to achieve revenue of VND 1,187.2 billion; the resort tourism business segment will reach VND 1,213 billion...

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