TTC Land is formerly Saigon Thuong Tin Real Estate Company, a member company of TTC Group, with Mr. Dang Van Thanh as Chairman and Ms. Huynh Bich Ngoc as Permanent Vice Chairman of the Board of Directors. Ms. Ngoc has held the position of Chairman of TTC Land since April 2022.
The Chairman of TTC Land has submitted her resignation letter from April 23, 2024 for personal reasons. The Board of Directors will submit to the General Meeting of Shareholders for consideration and approval of Ms. Ngoc's resignation letter and dismissal procedures in accordance with the law and the company's charter.
Ms. Huynh Bich Ngoc resigned after 2 years as Chairwoman of TTC Land. (Photo: TTC)
Along with Ms. Ngoc, two other members of the Board of Directors of TTC Land, Mr. Hoang Manh Tien and Ms. Tran Diep Phuong Nhi, also submitted resignations for personal reasons.
Before Ms. Huynh Bich Ngoc resigned, the Board of Directors of TTC Land consisted of 6 members, of which Ms. Huynh Bich Ngoc was the Chairwoman, Mr. Dang Hong Anh - Ms. Ngoc's son and Mr. Dang Van Thanh were the Vice Chairmen.
The Board of Directors members are Mr. Vo Quoc Khanh, Ms. Tran Diep Phuong Nhi and 2 independent members, Mr. Hoang Manh Tien and Nguyen Thanh Chuong. Mr. Khanh is also the General Director of TTC Land.
Last week, TTC Land dismissed chief accountant Tran Thi Phuong Loan and appointed Nguyen Viet Hung as her replacement.
TTC Land plans to hold its 2024 annual general meeting of shareholders on April 23. The meeting will include the dismissal of 3 members of the Board of Directors and the election of additional members, the election of the Chairman of the Board of Directors and the General Director.
In addition, the Board of Directors also submitted to shareholders a proposal not to distribute profits and set aside funds due to difficult business operations. Currently, the entire undistributed profit after tax is more than 406 billion VND, which will be used to supplement the investment capital for the company's business operations.
TTC Land's Chairman of the Board of Directors and two members of the Board of Directors suddenly resigned for personal reasons. (Photo: TTC Land)
Another content expected to be presented to shareholders is the remuneration and operating expenses of the Board of Directors in 2024.
The total remuneration of the Board of Directors is more than 3.28 billion VND, proposed to pay the Chairman 100 million VND/month, Vice Chairman has a remuneration of more than 84.6 million VND/person/month, Board members is nearly 77 million VND/person/month and independent members are proposed 33.3 million VND/month.
In 2023, TTC Land only had revenue of VND 371.2 billion and pre-tax profit of only VND 16.4 billion, equal to about 20% of 2022 and did not complete the plan approved by shareholders at the beginning of the year.
In 2024, in the context of real estate still not having a bright future, TTC Land's Board of Directors set a rather modest business target, with consolidated net revenue of VND 705 billion, an increase of 90% compared to 2023 revenue but pre-tax profit lower than the actual figure in 2023, only VND 16 billion.
Explaining this business goal, the Board of Directors believes that in the context of many common difficulties of the economy and real estate market, the enterprise will optimize business activities, improve financial health, streamline the apparatus, and optimize cost efficiency.
With a strategic orientation to 2030, TTC Land will expand its industrial real estate and logistics real estate segments in the Southern market. The change in a series of senior personnel is also aimed at expanding these new business segments.
At the end of 2023, TTC Land and Coteccon signed a general contractor contract for the construction of the TTC Plaza Da Nang project.
In early 2024, TTC Land signed a Memorandum of Understanding on cooperation to deploy Aeon Mall shopping center at TTC Plaza Da Nang project with Aeon Mall Vietnam.
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