Rang Dong Holding Joint Stock Company (stock code: RDP), famous for the Rang Dong Plastic brand, has just sent a document to the Ho Chi Minh City Stock Exchange (HOSE) about changes in senior personnel.

Specifically, the Board of Directors of Rang Dong Holding has dismissed Mr. Ha Thanh Thien from his position as General Director and legal representative of the company since August 5. Previously, Mr. Thien submitted a resignation letter and said he could no longer hold this position due to family reasons.

Replacing Mr. Ha Thanh Thien is Mr. Huynh Kim Ngan, who has never held any position at Rang Dong Holding and currently does not own RDP shares.

It is known that Mr. Ngan is currently the Director of Vietnam Business Law Company Limited and Hung Dai Sanh Trading Company Limited.

Also related to the leader of Rang Dong Holding, Mr. Ho Duc Lam, Chairman of the Board of Directors of the company, has just sent a report to HoSE, informing about the securities company selling 1.17 million RDP shares to liquidate his mortgage on August 1.

Accordingly, Mr. Lam's ownership ratio at Rang Dong Holding decreased from 8.48% to 6.09% (equivalent to 2.9 million RDP shares).

Since the beginning of 2024, Mr. Lam has registered to sell and had more than 19 million RDP shares liquidated, reducing his holding from 45% of the charter capital to only 6.09%. However, he is still the company's largest shareholder.

The continuous liquidation of RDP shares of Rang Dong Holding's Chairman took place in the context of this enterprise's business results being in losses and weak capital.

Specifically, in the second quarter of 2024, Rang Dong Holding's net revenue only reached VND 247 billion, down 68% over the same period. Financial revenue decreased by 54%, down to VND 2.5 billion.

After deducting expenses, this company lost 66 billion VND (while in the same period last year it made a profit of more than 10 billion VND). This is the heaviest loss quarter in the history of Rang Dong Holding's operations.

In the first 6 months of the year, this enterprise recorded 753 billion VND in net revenue, down 45% over the same period and a net loss of 64 billion VND (same period profit was 11 billion VND).

Compared to the plan, this enterprise only achieved nearly 28% of the revenue target and is still far from the year's after-tax profit target (nearly 23 billion VND).

As of the end of June 2024, Rang Dong Holding's equity was only VND 279.3 billion, down 18.7% compared to the beginning of 2024.

Meanwhile, this enterprise has a debt of 1,716 billion VND (of which financial debt accounts for 77%, equivalent to 1,323 billion VND), 6 times higher than its capital. Cash and cash equivalents are 21.1 billion VND, down more than 10 billion VND compared to the beginning of the year.

In the market, RDP shares are under warning and are currently only 2,250 VND/share, down more than 75% compared to the beginning of 2024.