On April 10, the State Securities Commission (SSC) issued a decision to impose an administrative penalty on Century Fiber Joint Stock Company (stock code: STK) with the amount of VND 77.5 million. The reason is that the company sold treasury stocks not in accordance with the plan reported to the SSC or the content announced to the public.
Specifically, STK registered to sell 1.5 million STK treasury shares from May 2, 2024 to May 31, 2024. However, during the implementation process, on May 9, the company sold 183,500 shares - 10% higher than the initial registered volume. By May 30, STK continued to sell 36,500 shares, 3% lower than the announced plan.
One day before being fined, STK suddenly changed its senior personnel. According to the information announced, Mr. Dang Trieu Hoa officially left the position of General Director to take the position of Chairman of the Board of Directors (BOD), replacing Ms. Dang My Linh. At the same time, Mr. Hoa also resigned from the role of Vice Chairman of the Board of Directors from April 9, 2025.
After the personnel adjustment, Mr. Dang Trieu Hoa became Chairman of the Board of Directors and legal representative of STK. Meanwhile, Ms. Dang My Linh assumed the position of Vice Chairman of the Board of Directors. The company has not yet announced a replacement for the position of General Director.
Century Fiber received news of punishment after changing senior personnel.
It is known that Mr. Hoa and Ms. Linh are siblings and, together with Mr. Dang Huong Cuong, are the three founding shareholders of STK. Currently, Mr. Hoa holds 13.92% of the charter capital, Ms. Linh owns 14.47%, and Mr. Cuong holds 7.12%.
The personnel changes took place in the context of a sharp decline in STK's business results in 2024. Net revenue for the whole year reached VND 1,210 billion, down 15% compared to 2023. Profit after tax was only VND 12.4 billion - the lowest level since 2007 and down 86% compared to the previous year.
However, at the 2025 Annual General Meeting of Shareholders at the end of March, STK set an ambitious target for 2025 with revenue of VND3,270 billion - 2.7 times higher than in 2024; net profit is expected to reach VND310 billion - an increase of more than 25 times. According to Mr. Dang Trieu Hoa, this is a high growth plan, but faces many challenges, especially in operating the new Unitex factory.
The company expects business results to improve from the first quarter of 2025, with revenue and output growth reaching 30-40% year-on-year, and 10-20% compared to the fourth quarter of 2024.
However, the management also acknowledged the fierce competitive pressure from cheap Chinese yarn and domestic rivals such as Formosa or Far Eastern. STK chose not to compete in price reduction but to position itself in the high-quality, customized yarn segment, developing special products in the A&D (Application & Development) direction. The company focused on quality, service and continuously innovated its product portfolio to maintain a long-term competitive advantage.
Established in 2000, STK specializes in producing DTY yarn from imported POY materials. The company converted to a joint stock model in 2005 and was officially listed on the HOSE with the stock code STK from September 30, 2015. The company's headquarters are located in the Cu Chi Northwest Industrial Park, Ho Chi Minh City.
Thu An
Comment (0)