Two Platinum Victory representatives to exit from REE board after AGM
Two board members representing major foreign shareholder Platinum Victory Pte. Ltd. at Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corp (HoSE: REE) have submitted their resignations, which will take effect following shareholder approval at the company’s AGM on March 31, REE said in a filing.
The departing directors are REE vice chairman Alain Cany and non-executive board member Hsu Hai Yeh.
Cany has extensive experience in corporate governance and management, having held senior roles at HSBC, Vinamilk, Credit Commercial de France, and Jardine Matheson Vietnam.
REE vice chairman Alain Cany and non-executive board member Hsu Hai Yeh. Photo courtesy of REE.
Recently, Cany has submitted his resignation from Vinamilk’s (HoSE: VNM) board of directors following a sharp reduction in ownership by Platinum Victory Pte. Ltd, a major foreign shareholder linked to Jardine Cycle & Carriage (JC&C).
Hsu has served as chief financial officer at several large corporations, including Jardine International Motors, Jardine Matheson, and IKEA–Dairy Farm Group, and is currently CFO of JC&C.
Both directors represent Platinum Victory Pte. Ltd., an investment vehicle under JC&C, on REE’s board. As of the end of 2025, Platinum Victory owned about 225.8 million REE shares, equivalent to 41.7% of the company’s charter capital.
Despite the planned board exits, Platinum Victory continues seeking to increase its stake in REE. On January 20, 2026, the investor registered to buy an additional 17.8 million shares, aiming to raise its ownership from 41.7% to 44.99%. The transaction window runs from January 26 to February 24.
Separately, REE said it will finalize its shareholder list on February 27 to determine eligibility for an interim cash dividend for 2025 and participation in the upcoming AGM.
The company plans to pay an interim dividend of 10%, or VND1,000 ($0.04) per share, with payment scheduled for April 3. With nearly 541.7 million shares outstanding, the payout is expected to total about VND542 billion ($20.87 million).
REE shares ended up 2.15% to VND61,800 ($2.38) each on Wednesday.
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