TTC Land announces new General Director to promote comprehensive transformation strategy

On November 1st, 2019, Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land, code: SCR) announced the recruitment and appointment decision of new General Director.

According to the decision of TTC Land ‘s Board of Directors, from November 1st, 2019, Mr. Nguyen Dang Thanh, the Chairman of the Board of Directors will resign his cum-position as General Director of TTC Land to focus mainly on management, strategic direction and leadership in the comprehensive transformation plan approved in the 2018 Annual General Meeting (AGM) of Shareholders on April 23rd, 2019. Accordingly, Mr. Vu Quoc Thai is recruited and appointed to the position of General Director to implement the above strategy with the Board of Directors.

Mr. Vu Quoc Thai – The new General Directors of TTC Land

Mr. Vu Quoc Thai is currently the CEO of DHA company and he used to work in TTC Land's business strategy department. With Mr. Thai’s over 10-year experience in real estate as well as knowledge about project legal work, business development, this appointment will help TTC Land accelerate the completion of legal work for current projects, promote the seeking of land fund and develop new projects according to the orientation set by the Board of Directors.

The appointment of senior executive personnel is part of TTC Land's plan to enhance the leadership as well as to separate management and administration functions according to international practices, and to comply with Decree 71/2017 / ND-CP, which will come into effect from August 1st , 2020, regulating that the Chairman of the Board of Directors is not allowed to be the cum- General Director of a public company.

Following this strategy, in the coming time, TTC Land will continue to appoint the position of Deputy General Director in charge of both investment and capital, which requires many years of experience in financial institutions, both large-scale international and domestic companies. In addition, the positions of Project Legal Directors were also appointed additionally in recent time. The recruitment of senior personnel in the executive scheme will help TTC Land soon actualizing its comprehensive transformation strategy under the guidance of the Board of Directors.

After 6 months of restructuring since the 2018 AGM, TTC Land's 3rd quarter financial statement has recorded positive and encouraging signals. Accordingly, sales and administrative expenses were reduced by 47% over the same period; short-term and long-term debts decreased by 8% compared to the beginning of the year, especially pre-tax profit has reached 95% of the plan approved by the AGM of Shareholders. TTC Land's total assets as of the end of September 2019 was VND 10,926 billion, increasing slightly compared to the beginning of the year, of which the charter capital reached VND 3,393 billion.

Along with the positive signals from the business activities, the enhanced personnel in management system, TTC Land is now ready for a comprehensive transformation strategy.