Sacombank’s General Meeting of Shareholders on 26th May is forecast to contain lots of unexpected happenings regarding personnel issues, because its ownership and personnel have changed dramatically before the meeting.
Sacombank’s Annual General Meeting of Shareholders is forecast to contain lots of unexpected news, with information continuously released before the meeting. Saigon-Thuong Tin Commercial Joint Stock Bank (Sacombank - ticker: STB)’s Annual General Meeting of Shareholders this year will be organised on 26th May 2012 in Ho Chi Minh City.
The list of attending shareholders was fixed on 20th April.
The content of the meeting will focus on summarising operations of 2011 and plans for 2012, including reports of the Management Board and Supervisory Board. The shareholders will also express their approval or denial of reports under their authority.
Recently, Sacombank has made several changes in personnel. Mr Pham Nhat Vinh resigned as Deputy General Director from 2May. Along with that, Mr Phan Huy Khang and Ms Nguyen Hai Tam have been appointed to this position since 23rd April.
(Mr Phan Huy Khang was the former General Director of Southern Bank).
As previously reported, in the Annual General Meeting of Shareholders of Southern Bank on 24th April, Mr Tram Be, Southern Bank’s Deputy Chairman, announced his resignation from this position. In a talk with reporters on the sidelines of the meeting, Mr Tram Be said that he would work for Sacombank.
In a letter to its shareholders, Sacombank said that from this year’s meeting of shareholders, several members of the Management Board will resign, which makes the number of Management Board’s members smaller than required. Sacombank will need to fill these positions on the Management and Supervisory Boards.
Therefore, Sacombank has asked for shareholders’ opinions on adding 8 members to the Management Board, and a member to the Supervisory Board with the presidency of 2011 - 2015.
Recently, foreign investors have continuously been net sellers of STB. In April alone, STB was sold with a net volume of 44.3 million shares, which is equivalent to more than VND1 billion, net value of sale reached VND2,557 billion.
Individuals and organizations who heavily disinvested in Sacombank are mainly those related to the bank. Specifically, they are Mr Chang Hen Jui, husband of Ms Huynh Que Ha, Deputy Chairman of Sacombank; Thanh Thanh Cong and Bourbon Tay Ninh - companies of wife of Mr Dang Van Thanh; as well as Sacomreal - a subsidiary of Sacombank.
Moreover, in a related move, Export-Import commercial joint stock bank (Eximbank - ticker: EIB) has also reported about Mr Pham Huu Phu being a candidate to Sacombank’s Management Board. Eximbank’s Annual General Meeting of Shareholders is planned to be held on 12May.
Due to those movements, Sacombank’s Annual General Meeting is expected to be controversial, because till now the capture and “counter-attack” between Eximbank and Sacombank have not finished yet.
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