CEO of Hoa Binh Construction Group registered to buy 2 million shares, half a month after taking office

DNHN - After a month and a half in office, the new General Director of Hoa Binh Construction Group Joint Stock Company (stock symbol: HBC) registered to purchase 2 million shares before the annual shareholders' meeting.

Mr. Le Van Nam, General Director of the Hoa Binh Construction Group, has recently registered to purchase 2 million HBC shares for long-term investment purposes. The transaction is anticipated to be executed between June 20 and July 19 via order matching or put-through method.

Mr. Nam currently owns 30,010 HBC shares. If the transaction is successful, he will own 0.74 percent of HBC, the equivalent of more than 2.03 million shares. Expectedly, he will need to spend 18 billion dongs to acquire these shares.

The move of the CEO of Hoa Binh Construction Group occurs as the company prepares to hold its 2023 annual general meeting of shareholders on June 27 to approve several announced plans and activities. You will conduct it in the immediate future. Mr. Nam was appointed to the position of general director on May 19, and he assumed his duties on June 1.

Regarding business results, Hoa Binh Construction Group reported net revenue of 1,194 billion in the first quarter of this year, down 60% from the same period last year. The company's after-tax loss was nearly 445 billion dongs, while its profit for the same period was 11 billion dongs.

The trading of HBC shares was restricted because the company failed to submit its audited financial statements for 2022 45 days earlier than required. In addition, HBC remained under control despite submitting its audited annual financial statements late for two consecutive years (2021 and 2022).

The company's explanation for the late submission of the report was that the group's internal management was experiencing difficulties. Additionally, the real estate and financial markets fluctuate.

A series of works had to be halted during construction, resulting in difficulties confirming the completed volume and value with the investor, which caused payment and settlement issues. The Board of Directors and all employees must concentrate their efforts on resolving the aforementioned issues. This has affected all aspects of the company's operations, including the timely completion of the annual financial statements.

PV (Synthesis)