An Cuong Wood (ACG VN) – Appoints EY as the auditor for FY 2024 financial report
The company announced that it had chosen EY for auditing FY2024 financials, instead of PwC last year. EY is also the reviewer for An Cuong's H1 2024 financial report of An Cuong. Earlier this month, the wood company decided to cease operations of Branch No.4 of An Cuong Wood (located at 223 Su Van Hanh Street, District 10, HCMC), due to corporate restructuring. An Cuong reported its reviewed financial statements for H1 2024 with consolidated net revenue of VND1,721 billion (about USD69 million, up +4.4% YoY) and net income of VND200 billion (about USD8 million, up +38.8% YoY). ACG VN traded at VWAP of VND42,100 per share on 16th September 2024, down -17.4% from its adjusted 52-week high of VND50,960 per share in June 2024, but also up +17.0% from its adjusted 52-week low of VND 35,980 per share in April 2024.
Oriental Commercial Bank (OCB VN) – New CFO and establishment of a new subsidiary
In accordance with the decision of the Board, Mr. Nguyen Huy Duc has been appointed as a Chief Financial Officer for 12 months. Before OCB, he used to work at TechcomCapital, Techcombank, Coteccons, Kusto Cement, and Nam Long Investment. On the same day, the bank also decided to establish a subsidiary, named OCB Debt Management and Asset Utilization Limited Company, in order to handle bad debts more efficiently and maximize value of collaterals seized from defaults. This action is common practice among Vietnamese banks and credit unions. Mr. Duc Nguyen will work closely with the newly appointed CEO, Mr. Hai Pham (highly experienced banker, ex. head of HSBC Vietnam).
OCB reported its reviewed financials for H1 2024 with total operating income of VND4,559 billion (about USD182.4 million, up +2.4% YoY) and net income of VND1,671 billion (about USD66.8 million, down -18.4% YoY). OCB VN closed at VND11,350 per share on 16th September 2024, down -14.3% from its adjusted 52-week high of VND13,250 per share. Japan’s Aozora Bank purchased 15% of OCB in January 2020.
VND2,000 billion freeze-dried instant coffee factory to be built Binh Duong province
In early-September 2024, the Binh Dinh Economic Zone Administration approved the investment registration proposed by Future Enterprises Pte. Ltd. (Singapore). Following the information disclosure, the project will be invested with VND2,000 billion, equivalent to USD80 million, and located in Becamex Binh Dinh Industrial Park with a size of 7 hectares. Operation is expected to start in 2028, producing 5,400 tons annually.
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