General Meeting of Shareholders JVC: PVI Fund Management CEO enters the Board of Directors
VietReader 30-09-2020, 23:32

General Meeting of Shareholders JVC: PVI Fund Management CEO enters the Board of Directors

On the morning of September 30 Viet Nhat Medical Equipment Company (HoSE: JVC) held the 2020 Annual General Meeting of Shareholders (the year ends on March 31). On the threshold of the meeting, the shareholder structure of JVC had a big change. The group of Japanese shareholders including DI Asian Industrial Fund, LP (DIAF), Dream Incubator (DI Inc.) and Orix Corporation has fully withdrew more than 31.5 million shares, or about 28% of JVC shares at the end of the month. 8. The individual major shareholders respectively appeared General Director Vu Thi Thuy Hang, Mr. Phung Quang Viet, Mr. Nguyen Van Hieu, Mr. Nguyen Viet Cuong and Mr. Vu Hoang Viet.

In which, Mr. Nguyen Van Hieu is the CEO of Dong Nai Plastic (DNP Corp). However, the representative of DNP Corp affirmed that this investment was a personal investment not related to the unit’s strategy of developing the water and plastic industry.

Ms. Vuong Van Anh, Deputy General Director, submitted to shareholders the dismissal from the position of Board Member to Mr. Nguyen The Huong, Mr. Nguyen Manh Cuong and Ms. Nguyen Thi Thanh Thao from September 30th. The Supervisory Board also has two resigns, Ms. Luong Kim Thanh and Mr. Ngo Van Hung.

Due to not receiving any nomination, the Board of Directors and the Supervisory Board nominated 3 candidates for the position of Board Member: Mr. Nguyen Huy Tuan, born in 1982 holds a Master of Business Administration. Mr. Tuan is currently the General Director of PVI Fund Management Joint Stock Company.

The second candidate is Mr. Vu Hoang Viet, born in 1987 Bachelor of Finance – Banking. Mr. Viet is a Member of the Board of Directors of I.P.A Investment Group – an enterprise related to VNDirect, FSS Financial Software Solution, Bac Ha Energy. Mr. Viet said this is a personal investment.

The third candidate for the position of Board Member is Mr. Nguyen Viet Cuong, born in 1982 holds a PhD in Engineering and is a Member of the Board of Directors of Nam Trung Nghe An Joint Stock Company.

The list of candidates for the Supervisory Board includes 2 members: Mr. Nguyen Le Thang, born in 1982 holds a bachelor’s degree in External Economics. Mr. Thang is the Northern Express Branch Manager of DHL eCommerce Vietnam. In addition, there was Mr. Tran Duc Thanh, a Master of Economics and Chief Accountant, and Chief of Internal Control Department of Global Link JSC.

Representative from the group of Japanese shareholders, Mr. Kyohei Hosono did not have a resignation. General Director Vu Thi Thuy Hang said that Mr. Kyohei Hosono remains the Chairman of the Board of Directors and will support the transfer to the new group of shareholders.

Ms. Vu Thi Thuy Hang, General Director, submitted the 2020 plan with revenue of 520 billion VND, which is equal to the implementation in 2019 and pre-tax profit of 5 billion VND, double the implementation in 2019 but only 44% of the real current 2018.

In 2019 JVC recorded net revenue of 517 billion dong, down 16% compared to 2018. Profit after tax was 2.8 billion dong, down 75%. Ms. Dang Thi Ha Giang, Representative of the Supervisory Board, said that the financial ratios of solvency, capital structure, and operational capacity were stable and safe. However, profitability ratios are still low.

The impact of the Covid-19 translation was that the ability to recover receivables from customers was not timely, leading to a delay in setting up provisions. Although some bad debts have been set aside, the actual recovery, lawsuit, and even execution of judgments still face many difficulties.

Sharing with Companion, Ms. Hang said that receivables and bad debts still hire legal parties to recover and initiate lawsuits. However, large amounts still face difficulties due to lack of papers and records. There was also a problem in the debt reconciliation process because the previous bookkeeping was not clear.

The meeting ended with the papers approved.

Source: – Translated by