Viet Cat Fund Management falls into the hands of a new owner, 3 Board members resign

TPBank completed the acquisition of 75% of Viet Cat Fund Management's capital through participating in a private share issuance. With this scale increasing to 100 billion VND, the company is in the top 20 companies with the largest charter capital in the fund management industry.

TPBank completes ownership of 75% of capital of Viet Cat Fund Management

Viet Cat Fund Management Joint Stock Company has just announced that it has received resignation letters from 3 members of the Board of Directors, including Ms. Nguyen Thi Huyen - Chairwoman of the Board of Directors; Ms. Tran Thi Mai Quynh and Ms. Nguyen Thi Thu Huong, both members of the Board of Directors.

This is also 3/3 of the personnel in the Board of Directors for the 2021 - 2026 term elected on April 29, 2021.

In her resignation letter, Ms. Huyen stated that she would like to resign from the position of Chairwoman of the Board of Directors and from the position of member of the Board of Directors from March 15, 2024 or from the date approved by the 2024 Annual General Meeting of Shareholders. All three members of the Board of Directors proposed to carry out the procedures for my dismissal at the 2024 Annual General Meeting of Shareholders.

Previously, according to an announcement from the State Securities Commission (SSC), this agency has received full documents reporting the results of the private share offering according to the offering results report No. 01/2024/VFC-SSC of Viet Cat QLQ JSC.

The capital increase through the issuance of individual shares has helped the charter capital of Viet Cat Fund Management reach 100 billion VND, from the previous level of 25 billion VND. At the same time, as the only investor participating in the issuance, Tien Phong Commercial Joint Stock Bank (TPBank) spent 75 billion VND, thereby owning 75% of the capital of this fund management company.

Currently, Viet Cat Fund Management is in the top 20 out of more than 40 fund management companies in the industry, in terms of charter capital size.

In 2023, the company earned more than VND 4 billion in revenue and reported a net loss of more than VND 1.4 billion. Viet Cat Fund Management's business results were largely due to a better fourth quarter. In the fourth quarter alone, the company's revenue reached VND 3.28 billion; after-tax profit was VND 1.25 billion. The company's largest source of revenue in the fourth quarter of 2023 came from securities investment consulting activities (VND 3 billion). Revenue from fund management and portfolio management reached VND 165 million and VND 113.5 million, respectively.

With a charter capital scale increased by 4 times and the appearance of the parent bank, the business activities of Viet Cat Fund Management are expected to have many changes, starting with changes in the board of directors' personnel. The company is expected to hold its annual general meeting of shareholders on March 14, 2024. The list of attending shareholders will be finalized on February 22, 2024.

Source