Thuduc House General Director resigns

Mr. Dam Manh Cuong, General Director of Thuduc House, has just announced his resignation because he "realized that he could not meet the criteria required by the new Board of Directors."

In a notice sent to the Board of Directors of Thu Duc Housing Development Joint Stock Company (Thuduc House, stock code: TDH) on April 10, Mr. Dam Manh Cuong said that he was appointed as the company's General Director from November 30, 2021 until now. According to him, this is an extremely difficult time for Thuduc House when on the one hand, he has to resolve the backlog left by the electronic components case, on the other hand, he has to show a strong stance in carrying out legal procedures to regain legal control at Thu Duc Agricultural Wholesale Market and, most of all, streamline the apparatus and adjust the business model.

From August 2023, Thuduc House will have changes in major shareholders and new members of the Board of Directors.

“After a period of working together, I personally realized that I did not meet the criteria required by the new Board of Directors for the new directions and activities of Thuduc House,” Mr. Cuong wrote in the announcement.

Mr. Cuong said he sent a notice of resignation from the position of General Director from April 10 so that "Thuduc House can find another person suitable for the new development direction".

According to Mr. Cuong, during his tenure as General Director, he and the Thuduc House staff have united, tried to maintain the stability of the company, cut costs, but still ensured the lives of the staff. New activities have also gradually entered the orbit and become profitable, increasing the exploitation of assets to create a stable source of income while waiting for good opportunities in the future.

In 2023, Thuduc House recorded net revenue of VND 120.4 billion and a loss after tax of VND 62.7 billion. Currently, the company has an accumulated undistributed loss of VND 750 billion. Total assets by the end of 2023 reached VND 1,333 billion.

On the stock exchange, TDH shares are trading at 3,860 VND, down 16% compared to the price at the beginning of the year. With more than 112.6 million listed shares, the company's market capitalization is about 435 billion VND.

In the report on the plan to overcome the warning situation for TDH shares, Thuduc House's board of directors said that the company is monitoring the case related to the company's electronic components business activities in the period 2017-2019 to have a basis to recover the expenses that have been set aside. In addition, the company is still actively working with partners to recover debts for the amount of provisions set aside to ensure maximum rights and benefits for shareholders.

Source