Why did the Chairman of ThuDuc House Board of Directors resign?

Thu Duc Housing Development Joint Stock Company (ThuDuc House; stock code: TDH) has just announced unusual information to the State Securities Commission and Ho Chi Minh City Stock Exchange about the resignation of Mr. Nguyen Huy Hoang - Chairman of the Board of Directors of Thuduc House.

Resignation letter of Mr. Nguyen Huy Hoang.

Accordingly, in his resignation letter, Mr. Hoang shared that he is currently planning his own business so he cannot continue to hold the position of Chairman of the Board of Directors as well as be a member of the Audit Committee of ThuDuc House. Therefore, he hopes that the General Meeting of Shareholders will approve his withdrawal from the Board of Directors and terminate his membership of the Board of Directors from the date of approval by the General Meeting of Shareholders.

Mr. Hoang's resignation is expected to be approved at this year's annual general meeting of shareholders on June 29.

Previously, at the 2022 annual general meeting of shareholders held on April 20, 2022, Mr. Hoang was elected to the Board of Directors of Thuduc House. Then, on June 9, 2022, he was appointed as Chairman of the Board of Directors of the company for the 2020-2025 term. Thus, Mr. Hoang has been the Chairman of the Board of Directors of ThuDuc House for 1 year.

Mr. Nguyen Huy Hoang (born in 1975), is a bachelor of economics and worked at the Department of Planning and Investment of Ha Tinh province. Mr. Hoang also worked at many enterprises such as: Delta Construction Group Co., Ltd., Intimex Group Investment Joint Stock Company, Khang Viet - Khang An Real Estate Joint Stock Company...

If the resignation is accepted and Thuduc House has a new Chairman, this will be the fourth change of Chairman of this real estate company in the past 2 years.

Mr. Hoang's withdrawal from ThuDuc House coincided with the start of the trial of the case related to ThuDuc House's electronic components business activities in the 2017-2019 period as well as the value-added tax refund of VND 365.5 billion.

ThuDuc House has continuously changed the Chairman of the Board of Directors in the past 2 years.

As of March 31, 2023, Thuduc House has total assets of VND 1,406 billion, liabilities of VND 981 billion (accounting for nearly 70% of total assets). Accumulated loss as of March 31, 2023 is more than VND 700 billion.

Recently, TDH shares of ThuDuc House have attracted attention in the market when they have increased to the ceiling price for many consecutive sessions. The Ho Chi Minh City Stock Exchange has requested TDH to explain this issue. In the trading session on June 7, TDH shares closed at the ceiling price of VND5,470/share.

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Source: https://vtc.vn/vi-sao-chu-tich-hdqt-thuduc-house-xin-tu-nhiem-ar798162.html