Loc Troi recently sent a document requesting a temporary exit suspension for Mr. Nguyen Duy Thuan - former CEO of Loc Troi.
The above information was sent to the Ho Chi Minh City Stock Exchange by Loc Troi Group Joint Stock Company (LTG) on the morning of October 17.
Specifically, Loc Troi said it has appointed Mr. Nguyen Tan Hoang to the position of general director, the appointment decision takes effect from October 16.
According to the attached information, Mr. Nguyen Tan Hoang, born in 1977, currently holds 15,000 shares, equivalent to 0.015% of the company's charter capital.
Before taking the position of general director, Mr. Hoang held the position of chief accountant of the group from 2012 to present.
Currently, Mr. Hoang is also the General Director of Loc Troi Agricultural Products Joint Stock Company, Chairman of the Board of Directors of Quan Nong Xanh Joint Stock Company, Chief Accountant of Loc Nhan Food Joint Stock Company and Chairman of the Board of Directors of Vinh Hoa Rice Bran Oil Extraction Company Limited.
The move to appoint Mr. Hoang to the position of general director is considered one of the important steps in the process of restructuring the enterprise and perfecting senior personnel.
Previously, this rice corporation dismissed Mr. Nguyen Duy Thuan from the position of general director in mid-July this year.
After that, Mr. Huynh Van Thon, Chairman of the Board of Directors, temporarily ran the business operations until a new CEO was appointed.
Recently, domestic media reported on developments surrounding the Loc Troi case, which had a written complaint against former general director Nguyen Duy Thuan.
Mr. Nguyen Tan Hoang
At a recent event, Mr. Huynh Van Thon - Chairman of the Board of Directors of Loc Troi - said that the difficulties the company has faced in recent times were due to "insiders".
At the same time, Mr. Thon also emphasized that he will continue to run the business to "change the situation and turn the tide".
Data shows that the rice giant's business results will decline starting in 2023, when after-tax profit will only reach VND16.5 billion, down 96% compared to 2022.
Previously, from 2008 to 2022, Loc Troi's net profit was several hundred billion VND.
In particular, Loc Troi reached its peak profit after tax in 2014 with more than 502 billion VND. By 2022, it still reached more than 411 billion VND with accumulated profit of more than 1,000 billion VND.
In 2024, Loc Troi's first quarter financial report showed that the business results of the "big guy" in the Western rice industry were not very positive despite increased revenue.
The gross profit margin of Loc Troi's rice segment is also very thin, only about 3.5%. Not to mention, business results are also "eroded" when interest rates increase sharply.
With a net loss in exchange rate, high interest expense, and negative net profit from business, Loc Troi reported a loss after tax of more than VND96 billion, an increase compared to -VND81 billion in the same period.
Not only is business more difficult, this company is also constantly experiencing high-level personnel changes. Recently, Mr. Johan Sven Richard Boden - a member of the board of directors, also submitted a resignation letter.
In the application, Mr. Johan stated that he was resigning for "personal reasons". He requested the shareholders' meeting and the board of directors of Loc Troi to allow him to resign from his position as a member of the board of directors from August 23, 2024.
Notably, this person was just elected to the Loc Troi Board of Directors for the 2024-2029 term at the 2024 annual meeting held last June.
Before Mr. Johan, Ms. Nguyen Thi Thuy also resigned from her position as a member of the Board of Supervisors. At the same time, Loc Troi elected Mr. Nguyen My to hold the position of Deputy General Director of the company.
Source: https://tuoitre.vn/loc-troi-dua-ke-toan-truong-len-lam-tong-giam-doc-giua-be-boi-nguoi-cu-20241017121135811.htm
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