The Board of Directors of VNG Corporation (stock code VNZ) has just announced a resolution approving a number of specific contents regarding the offering of treasury shares, treasury share offering documents, and the dismissal and election of the Chairman of the Board of Directors (BOD).

Accordingly, the Board of Directors of VNG approved the dismissal of Mr. Le Hong Minh from the position of Chairman and elected Mr. Vo Sy Nhan to replace him. Thus, Mr. Le Hong Minh only holds the position of General Director of the company.

Mr. Le Hong Minh is no longer Chairman of VNG Board of Directors.

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Mr. Vo Sy Nhan is one of four new members of VNG's Board of Directors elected at the Extraordinary General Meeting of Shareholders held at the end of last year, for the 2022-2025 term. Mr. Nhan is currently the CEO, overseeing all operations and business activities of Empire City, co-founder and CEO of GAW NP Capital Fund from 2015 to present.

On this occasion, the Board of Directors also announced the plan to offer more than 7.1 billion treasury shares it is holding. The offering price is VND 177,881/share, equivalent to a maximum revenue of more than VND 1,264 billion. These shares will be offered privately to BigV Technology Joint Stock Company. The expected implementation time is in 2023, after being approved by the State Securities Commission.

The Board of Directors' Resolution also announced the plan to use the proceeds from the treasury stock offering. Specifically, VNG's Board of Directors unanimously approved the plan to use the proceeds from the treasury stock offering with priority given to using more than VND 764 billion for game software copyright costs and VND 500 billion for marketing costs in the two years 2023 - 2024. In terms of marketing costs, VNG plans to spend VND 384 billion on online digital marketing, VND 78 billion on hiring KOLs and VND 38 billion on organizing events.

In case the shares are not fully subscribed as expected, leading to the amount of money collected from the offering not reaching the expected level, the company will use the actual money collected in order of priority and rebalance the capital sources, and propose a suitable solution based on the actual operations of the enterprise at the time of capital use.