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Leadership changes at Coteccons

Released at: 15:41, 05/07/2017

Leadership changes at Coteccons

Coteccons Tower (Photo:coteccons.vn)

Chairman and CEO change from July 3.

by Hai Van

Mr. Nguyen Ba Duong

Mr. Nguyen Ba Duong has moved from CEO of the Coteccons Construction Joint Stock Company (HSX stock code CTD) to Chairman of the Board of Management.

According to the Ho Chi Minh Stock Exchange (HSX), Coteccons’ Board issued a resolution electing Mr. Duong as Chairman, with Mr. Nguyen Sy Cong becoming CEO from July 3.

Coteccons’ goal is to align its international-standard corporate governance with giants such as Vinamilk (VNM), so a change in personnel is required.                                                                                    

Mr. Nguyen Sy Cong

Mr. Cong has been with Coteccons for 15 years and was previously General Director of its subsidiary the Unicons Investment Construction Joint Stock Company.

The Board of Management also approved the resignation of Mr. Tran Quang Tuan from the position of Deputy General Director and of Board Member of Unicons.

Mr. Duong was born in 1959 and was appointed CEO of Coteccons in August 2004. He holds 3.6 million shares in the company, accounting for 4.7 per cent of charter capital, and is its third-largest shareholder.

Coteccons is the largest listed construction company in Vietnam. Net revenue last year was VND20.78 trillion ($914.4 million) and net profit VND1.422 trillion ($62.6 million), up 52 per cent and 113.5 per cent, respectively, compared to 2015.

According to its business plan for 2017, it targets total revenue of VND27 trillion ($1.19 billion), up nearly 30 per cent from 2016, and after-tax profit of VND1.75 trillion ($77 million), up 23 per cent. A cash dividend of 30 per cent is expected.

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