THACO holds 2021 General Shareholders' meeting
At the event, the shareholders approved the Group's 2020 financial report and its business plan for 2021. THACO also introduced its multi-industry strategy, new organization structure, new brand identity along with its 2 sub-holdings and 3 subsidiaries, voted members of the Board of Directors and Board of Supervisors and submitted proposals for the shareholders to decide.
THACO is restructured into a holding corporation with 2 sub-holding companies and 3 subsidiaries
During the meeting, the Board of Directors has decided to restructure THACO into a holding corporation with 2 sub-holdings and 3 subsidiaries.
Under the new structure, THACO consists of 2 sub-holding companies, namely THACO AUTO Ltd., which is in charge of THACO's automobile production and business activities and Truong Hai Agri Joint Stock Company (THACO AGRI). The other 3 subsidiaries include Dai Quang Minh Real Estate Investment Corporation (THADICO), THISO International Commerce and Services Corporation and Truong Hai International Logistics Ltd,. (THILOGI).
THACO AUTO Ltd. will soon turn into a joint stock company which qualifies as a public company to issue shares under the new Securities Law.
The sub-holding companies and subsidiaries will issue ESOP shares to offer additional benefits for employees who make substantial contribution to the companies, and gradually change themselves into public companies.
THACO's strategy beyond 2021
Restructuring into a multi-industry corporation, THACO will expand its investment which is estimated at VND17,247 billion. The Vietnamese corporation takes agri as its top priority when adding VND8,920 billion to THACO AGRI's capital, meanwhile adding VND4,739 billion for THADICO, VND3,451 billion for THACO AUTO and VND137 billion for THILOGI.
Especially, THACO's plan on taking over and expand Emart hypermarkets was also announced. According to Chairman Tran Ba Duong, THACO and Emart has begun negotiations since the end of 2020. After 5 months, the South Korean retail company has decided to transfer THACO 100 percent stake of Emart Vietnam Co., including the supermarket of Emart Phan Van Tri in Go Vap district to THACO as well as other supermarket projects being developed in Vietnam.
According to the agreement, THACO will acquire franchise rights for the Emart brand in Vietnam until 2030. The Korean retailer will appoint its key personnel at Vietnam to support THACO in operating the supermarket system during the franchise period.
THISO Retail, a subsidiary of THISO will open 3 more Emart hypermarket branches in 2022 at existing locations, 2 in Ho Chi Minh City (1 in Sala City, District 2 and 1 in Go Vap District) and 1 in Go Dau town, Tay Ninh province, aiming to open 11 branches nationwide by 2025.
In the end, the shareholders voted and approved the members of the Board of Directors and the Board of Supervisors of 2019-2021 term.
Board of Directors:
Mr. Tran Ba Duong - Chairman
Mr. Nguyen Hung Minh - Standing Vice Chairman
Mr. Cheak Kim Teck – Vice Chairman
Ms. Vien Dieu Hoa - Member
Mr. Pham Van Tai - Member
Mr. Stephen Patrick Gore - Member
Mr. Nguyen Quang Bao - Member
Mr. Le Trong Sanh - Member
Board of Supervisors:
Mr. Nguyen Phuc Thinh - Chairman
Mr. Dang Cong Truc - Member
Mr. Bui Minh Khoa – Member
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