Son succeeds late father as leader of Vietnam real estate giant DIC Corp

Nguyen Hung Cuong has been elected chairman of real estate giant DIC Corp, succeeding his father, Nguyen Thien Tuan, who passed away on August 10.

Cuong, who will also serve as the legal representative of DIC Corp, is currently the company’s largest shareholder, owning 62 million shares, or a 10.16% stake.

Cuong, 42, served as deputy general director of DIC Corp from 2012 to 2017 before becoming its vice chairman and standing deputy general director in 2018.

DIC Corp board has four members now: Nguyen Hung Cuong, Nguyen Thi Thanh Huyen, general director Nguyen Quang Tin, and independent member Dinh Hong Ky.

Huyen, deceased chairman Tuan’s daughter and spokeswoman of DIC Corp, holds a 2.98% stake in the firm.

The company, listed on the Ho Chi Minh Stock Exchange as DIG, has total assets of VND18.4 trillion ($740 million) and charter capital of VND6.09 trillion ($244.6 million) as of June.

DIC reported VND822 billion ($33 million) in consolidated revenue in the first half of this year, 2.3 times that a year earlier. However, it earned only VND9.2 billion ($368,610) in consolidated net profit during the period, down 90% year-on-year, due to a financial revenue slump and operating cost surge.

DIC Corp has secured a VND1.5 trillion ($60.18 million) loan from BIDV (HoSE: BID) to finance phases 2 and 3 of the VND3.57 trillion ($143.5 million) Cap Saint Jacques resort complex in Vung Tau town in the southern province of Ba Ria-Vung Tau. Phase one, the CSJ Tower – a hotel-apartment block, has been completed and put into operation.

DIG shares closed at VND23,700 ($0.95) apiece on Monday,