Gelex Group (GEX VN): Replacing an Inside Director by an External
Following the resignation of Mr. Nguyen Van Tuan from the Board of Director to focus on his role as CEO, Ms. Nguyen Thi Minh Giang has been nominated as the replacement, to be elected in the 2025 AGM. Giang is an expert in leadership development and organizational culture, and used to work at Mekong Capital as one of its co-CEOs before leaving in 2022. Now, she is a Board member of Tan Hiep Phat Group (unlisted), an advisor to Phu Nhuan Jewellery (PNJ VN), and founder-CEO of Newing - a leadership and organizational behavior consultancy firm. With no official relation with Gelex and its key persons, she may potentially be viewed as the second independent director in the current 5-member Board of Gelex Group. GEX generated revenue of VND33.75 trillion in 2024 (about USD1.32 billion, up +12.5% YoY) and net income of VND1.63 trillion (about USD64 million, up +393.8% YoY). GEX VN closed at VND22,950 per share on 17th March 2025, thus 12.1x P/E and 1.4x P/B.
Kinh Bac City Group (KBC VN): The Chairman's son has been promoted to DCEO
The industrial park developer appointed Mr. Dang Nguyen Nam Anh - one of the Chairman's six children, as the Deputy DCEO, in charge of key project management and strategic management. Currently, he holds no KBC VN share directly. His older sister, Ms. Dang Nguyen Quynh Anh - 29 years old, is a Board member already. The firm announced its 2024 financial statements with revenue of VND2,776 billion (about USD109 million, down -50.6% YoY) and net income of VND426 billion (about USD17 million, down -79.0% YoY). KBC VN closed at VND29,750 per share on 17th March 2025, hence 53.6x P/E and 1.2x P/B.
REE Corporation (REE VN): Dividends and ESOP
REE plans to pay a cash dividend of VND1,000 per share to its shareholders and is proposing 2025 ESOP, in which there will be 500,000 additional shares to be issued. Eligible employees, not clearly defined (yet) but disclosed to be key personnel, will receive options to buy shares at VND10,000 per share, exercisable in Q1 2026. These shares will be locked up for 3 years. Additionally, in human resource advances the company recently appointed Mr. Do Quoc Vinh Khang, as the new Head of Internal Audit. Meanwhile, Platinum Victory Pte. Ltd. a Singapore-based entity connected to Jardines, and the largest shareholder with 41.4% ownership - registered to purchase 16.8 million REE VN shares after two failed attempts in early 2025. Platinum Victory is also a major shareholder of Vinamilk (VNM VN), once again. REE VN reported 2024 revenue of VND8.4 trillion (about USD328 million, down -2.2% YoY) and net income of VND2 trillion (about USD78 million, down -8.9% YoY). REE VN closed at VND70,800 per share on 17th March 2025, therefore 16.7x P/E and 1.8x P/B.
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