Mr Le Quoc Hung resigned from the Board of Directors of Novaland

DNHN - Mr Le Quoc Hung, an independent member of Novaland's Board of Directors, resigned from his position on the Board of Directors on June 24 for personal reasons.

Mr Le Quoc Hung was born in 1950 and has served as Director of Ho Chi Minh City's Department of Foreign Affairs (2001-2008), Consul General of Vietnam in San Francisco (2008-2011), and Chairman of the Vietnam-France Friendship Association in Ho Chi Minh City (2013 - 2011). 2016). From 2014 to 2015, Mr Hung also served as a consultant for Novaland. He is currently a member of the Vietnam Peace Development Fund's Executive Committee.

In September 2014, he began working as an advisor for Novaland before becoming an independent member of the group's Board of Directors in June 2020. As a result, Mr Hung served on Novaland's Board of Directors for only two years.

Right after Mr Hung submitted his resignation letter, Novaland declared that it will solicit written shareholder feedback to ratify the above material and elect additional members to the Board of Directors. Mr Hung's resignation letter will be approved in writing at the shareholders' meeting from July 18 to July 28. Novaland has not yet announced a candidate for shareholders to vote on to succeed Mr Le Quoc Hung.

Following Mr Hung's resignation, Novaland's Board of Directors was reduced to four members: Chairman Bui Xuan Huy and members Hoang Thu Chau, Pham Tien Van, and Nguyen My Hanh.

At the end of April, shareholders authorized a plan to issue up to 482.6 million shares from the share capital surplus, with a 25 per cent implementation rate. 

In addition, the business intends to pay a ten per cent dividend on shares in 2021, amounting to VND 1,930 billion. Through two bonus distribution options, charter capital is estimated to rise from VND 19,300 billion to VND 26,055 billion.

The Board of Directors recently passed a resolution to issue about 477.7 million additional shares at a rate of 24.5 per cent. After being approved by the Securities Commission, the implementation date is set for 2022.

Novaland expects net revenue of 35,974 billion dongs in 2022, up 141 per cent from the previous year, and profit after tax of 6,500 billion dongs, up 88 per cent.

Hai Anh