Chairman of the Board and Head of Supervisory Board of a steel company resign before the General Assembly

CTCP Thép VICASA – VNSTEEL (code: VCA) recently announced the resignation letters of Mr. Nguyễn Xuân Sơn, Chairman of the Board and Mr. Nguyễn Phước Hải, Head of the Supervisory Board. Mr. Sơn resigns due to retirement, while Mr. Hải resigns for health reasons. Both were elected to these positions in April 2023. The resignation letters will be considered at the 2025 annual General Assembly on April 9. This move comes as the Vietnam Steel Corporation (VNSteel) plans to divest from VCA at a high price. VNSteel, the largest state-owned enterprise in the steel industry, plans to divest all 9.87 million shares, equivalent to 65% of VCA’s capital next year. The starting price for the sale is 238 billion VND per lot of shares. On the stock market, VCA’s shares surged but have recently dropped by 29% after three months.