Changes at REE: 'Female General' Mai Thanh leaves chair, new boss is foreign fund representative

Mr. Alain Xavier Cany - representative of foreign fund Platinum Victory - became the new Chairman of the Board of Directors of REE to replace Ms. Nguyen Thi Mai Thanh.

Ms. Nguyen Thi Mai Thanh is the person who steered the "ship" REE from the very first days until it became a famous and developed enterprise as it is today - Photo: REE

'Female general' who has been with REE for decades leaves the chairwoman position

Refrigeration Electrical Engineering Corporation (REE) has just made some high-level personnel changes. Accordingly, Ms. Nguyen Thi Mai Thanh will cease to hold the position of Chairwoman of the Board of Directors (BOD) from November 22.

Meanwhile, Mr. Alain Xavier Cany - non-executive vice chairman of REE - has become the new chairman of the Board of Directors to replace Ms. Mai Thanh.

REE's Board of Directors has also decided to dismiss General Director Le Nguyen Minh Quang according to the agreement to terminate the contract from November 22. Ms. Nguyen Thi Mai Thanh, after leaving the chairwoman position, will replace Mr. Quang as General Director.

Ms. Thanh has been "steering" REE since the company's equitization in 1993 and only stopped holding the position of general director in 2020 due to new regulations. Mr. Huynh Thanh Hai succeeded Ms. Thanh as general director.

By July this year, REE dismissed Mr. Hai and appointed Mr. Le Nguyen Minh Quang as general director. Thus, after only 4 months, REE changed the "hot seat" of management.

Regarding the new chairman Alain Xavier Cany, he joined REE in 2021 and represents shareholder Platinum Victory Pte.Ltd, which holds 34.9% of REE's capital.

According to REE’s annual report, Mr. Alain Xavier Cany has a bachelor’s degree in economics from the University of Paris (France). He was the managing director of HSBC, country director and representative of Jardine Matheson…

Foreign funds want to increase ownership at REE when their people become chairman

Notably, before the major changes in the "upper echelons" of REE, on November 19, the foreign fund Platinum Victory Pte. Ltd. - an organization related to the new chairman Alain Xavier Cany - registered to buy 30 million REE shares through negotiation or order matching on the stock exchange or through the Vietnam Securities Depository and Clearing Corporation.

Implementation period from November 22 to December 20, 2024.

If the transaction is successful, the foreign fund will increase its ownership at REE from 35.07% of capital to 42.07%.

New president Alain Xavier Cany - Photo: REE

Although it is a big deal with the amount of money spent possibly reaching 2,000 billion VND, the purchase registration report sent to the management agency of foreign fund Platinum Victory Pte. Ltd only stated that the purpose of the transaction was "buying shares".

Meanwhile, Ms. Mai Thanh currently holds more than 60.4 million REE shares, equivalent to a capital ownership ratio of 12.8%.

Mr. Nguyen Ngoc Hai - Ms. Thanh's husband - holds 5.5% of REE's capital. Mr. Nguyen Ngoc Thai Binh - Ms. Thanh's son - holds 2% of REE's capital. Ms. Nguyen Ngoc Nhat Hanh - Ms. Thanh's daughter - holds 1.3% of the capital. Combined, Ms. Thanh's family has a total of about 20% of the capital.

The huge scale of the first enterprise listed on the Vietnamese stock exchange

Refrigeration Electrical Engineering Corporation (REE) is a multi-industry business group established in 1977.

After converting from a state-owned enterprise to a public company through equitization in 1993, REE was the first company listed on the Vietnamese stock exchange in 2000.

After 24 years of listing, with many ups and downs of the economy as well as the stock market, REE has risen to become a leading name in the energy sector in Vietnam with a capitalization of more than 30,000 billion VND.

Notably, from the initial capital of 150 billion VND, REE's charter capital has now increased 31 times - to more than 4,700 billion VND. Asset size has also increased 140 times, reaching approximately 35,000 billion VND.

At the same time, from a profit of 30 billion VND in 2000, up to now, the leading energy enterprise has regularly brought in thousands of billions of VND in profit each year.

REE's success over the past two decades has had a strong imprint of former chairwoman Nguyen Thi Mai Thanh.

Source: https://tuoitre.vn/bien-dong-o-ree-nu-tuong-mai-thanh-roi-ghe-chu-tich-sep-moi-la-dai-dien-quy-ngoai-20241123092834256.htm