Thien Viet Securities Corporation (HoSE: TVS) has just announced the decision to dismiss Ms. Dinh Thi Hoa from the position of Vice Chairwoman of the Board of Directors. The decision takes effect from August 15, 2023. However, the reason for the dismissal was not specifically announced. Ms. Hoa will continue to hold the position of Member of the Board of Directors of the company.

Ms. Dinh Thi Hoa is one of the founders of Thien Viet Securities and Galaxy Group. In addition, she is also a member of the Board of Directors of Asia Commercial Joint Stock Bank (ACB).

Previously, TVS appointed Mr. Pham Hong Hai as Vice Chairman of the Board of Directors of the company from August 1. Before his appointment, Mr. Hai was a member of the Board of Directors of Thien Viet Securities and did not hold any shares. With the dismissal of Ms. Dinh Thi Hoa, TVS now has two Vice Chairmen of the Board of Directors, Mr. Pham Hong Hai and Mr. Terence Ting.

This move comes in the context of Ms. Hoa recently registering to buy more than 5.86 million TVS shares during the period of August 17-September 15 for personal trading purposes. If this transaction is successful, the number of shares held by Ms. Dinh Thi Hoa will increase from 7.51 million to 13.38 million shares, with the corresponding ratio increasing from 5.97% to 8.84%.

At the end of the trading session on August 16, TVS stock price closed at VND24,150/share, up nearly 50% after more than 4 months. Based on this price, it is estimated that Ms. Hoa needs to spend nearly VND142 billion to become a major shareholder of TVS. Meanwhile, TVS's current charter capital is more than VND1,513 billion.

On the same day, Thien Viet Securities announced unusual information about the Board of Directors' resolution approving the signing and execution of contracts and transactions with the company's affiliated companies and related persons.

Specifically, the contracting parties are affiliated companies and related persons as prescribed by the Securities Law. Types of contracts, service use transactions, securities purchase and sale contracts, shares, capital contributions. Loan transactions, financial support, business support, investment cooperation. Other transactions and contracts related to TVS's business activities.

The principle of trading these contracts must be carried out on the basis of compliance with the provisions of the Securities Law, the Enterprise Law and related legal documents, on a fair basis, not including conditions that are more unfavorable than similar terms proposed by other independent partners.

The transaction value must be less than 35% or the transaction must result in the total transaction value arising within 12 months from the date of the first transaction being less than 35% of the total value .