TPBank completes ownership of 75% of Viet Cat Fund Management capital

Viet Cat Fund Management Joint Stock Company has just announced that it has received resignation letters from 3 members of the Board of Directors, including Ms. Nguyen Thi Huyen - Chairwoman of the Board of Directors; Ms. Tran Thi Mai Quynh and Ms. Nguyen Thi Thu Huong, both members of the Board of Directors.

This is also 3/3 of the personnel in the Board of Directors for the 2021 - 2026 term elected on April 29, 2021.

In her resignation letter, Ms. Huyen stated that she would like to resign from the position of Chairwoman of the Board of Directors and resign from the position of member of the Board of Directors from March 15, 2024 or from the date approved by the 2024 Annual General Meeting of Shareholders. All three members of the Board of Directors proposed to carry out the procedures for my dismissal at the 2024 Annual General Meeting of Shareholders.

Previously, according to the announcement from the State Securities Commission (SSC), this agency has received full documents reporting the results of the private offering of shares according to the offering results report No. 01/2024/VFC-SSC of Viet Cat QLQ JSC.

The capital increase through the issuance of individual shares has helped the charter capital of Viet Cat Fund Management reach VND100 billion, from the previous VND25 billion. At the same time, as the only investor participating in the issuance, Tien Phong Commercial Joint Stock Bank (TPBank) spent VND75 billion, thereby owning 75% of the capital of this fund management company.

Currently, Viet Cat Fund Management is in the top 20 out of more than 40 fund management companies in the industry, in terms of charter capital size.

In 2023, the company earned more than 4 billion VND in revenue and reported a net loss of more than 1.4 billion VND. Viet Cat Fund Management's business results were largely due to a better fourth quarter. In the fourth quarter alone, the company's revenue reached 3.28 billion VND; after-tax profit was 1.25 billion VND. The company's largest source of revenue in the fourth quarter of 2023 came from securities investment consulting activities (3 billion VND). Revenue from fund management and portfolio management reached 165 million VND and 113.5 million VND, respectively.

With a charter capital increase of 4 times and the presence of the parent bank, Viet Cat Fund Management's business activities are expected to have many changes, starting with changes in the board of directors. The company is expected to hold its annual general meeting of shareholders on March 14, 2024. The list of shareholders attending will be finalized on February 22, 2024.