Vietnam’s REE Corp undergoes leadership reshuffle as Singaporean fund raises holding
Vietnam’s private utility firm REE Corp has announced changes in the board chair and CEO positions as Singaporean fund Platinum Victory Pte. Ltd. is seeking to lift its holding in the former to 42%.
Nguyen Thi Mai Thanh has stepped down as chairperson of REE Corp (HoSE: REE) and taken over the CEO post with immediate effect, REE said in an announcement on Friday.
Thanh replaced Nguyen Minh Quang, who became CEO in July this year.
Thanh was chairperson of REE from 1993 and its CEO between 1993 and July 2020. She made REE one of the first two Vietnamese companies to list on the Ho Chi Minh Stock Exchange in 2000.
Nguyen Thi Mai Thanh, CEO of REE Corp. Photo courtesy of the company.
Meanwhile, Alain Cany, non-executive vice chairman, became chairman of the Vietnamese company. Cany has sat on REE’s board of directors since 2021 at the nomination of Platinum Victory Pte. Ltd.
Platinum Victory Pte. Ltd. this week registered to buy another 30 million REE shares to raise its holding in the Vietnamese firm to 42.07% from the current 35.7%, or 168.16 million shares.
Alain Cany, newly-appointed chairman of REE Corp. Photo courtesy of EuroCham.
Cany, born in 1949 and a French national, used to work for Credit Commercial de France, HSBC in Vietnam and Hong Kong, and Jardine Matheson Ltd., Vietnam. He has been active in activities of EuroCham Vietnam and the Vietnam Business Forum (VBF).
REE earned a consolidated net profit of VND1,514 billion ($59.56 million) on revenue of VND6,048 billion in the first three quarters of this year, down 29.3% and 7% year-on-year, respectively.
REE shares slipped 0.46% to close at VND64,700 ($2.55) apiece on Friday.
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