Mobile World begins to take over Tran Anh Digital World JSC

By Minh An - Sep 29, 2017 | 04:01 PM GMT+7

TheLEADERTwo senior leaders of The gioi Di dong (Mobile World) have been nominated to the important positions in Tran Anh Digital World Joint Stock Company (Tran Anh), a move explicitly demonstrating the reorganized business entity has been activated.

Mobile World begins to take over Tran Anh Digital World JSC
Tran Anh currently has 39 electronics stores (Photo: Tran Anh)

Tran Anh Digital World Joint Stock Company has revealed that Mobile World's Chief Financial Officer (CFO) Vu Dang Linh has been appointed to replace Tran Thanh Tung to be CFO of the company. Linh will temporarily hold this position from October 1, 2017 to September 30, 2018 or until another decision is made.

As a CFO of Tran Anh, Linh is authorized to sign loan contracts under the name of Tran Anh, manage revenue and expenditure, except for loan contracts requiring the signature of Tran Anh's representative. He also carries out other management activities as an acting CFO and Account Holder of Tran Anh.

Tran Anh also appointed Vo Ha Trung Tin, a leader of Mobile World, as its new Deputy General Director. Tin will take responsibility for signing the deals and agreements between Tran Anh and a third party to support the business and operation of Tran Anh's system.

Tran Anh Digital World Joint Stock Company is completing the procedures to sell its stake to Mobile World. Last month, Tran Anh’s shareholders agreed to sell more than 25 per cent of its charter capital without the public tender procedure to Mobile World. It will also cancel the listing on Hanoi Stock Exchange (HNX).

According to the 2016 annual report of Tran Anh, the company accounts for 14 per cent of electronics market share nationwide with 39 electrics stores, operating mostly in the central and northern parts of Vietnam. Currently, 55 per cent stake of Tran Anh belongs to chairman Tran Xuan Kien and his family while a 31 per cent stake is held by Japanese electronics retailer Nojima.

Earlier in August, Mobile World’s Chairman of the Board of Directors Nguyen Duc Tai revealed that he was waiting for the shareholders of the company to approve the VND2,500 billion (roughly US$110.18 million) loan to buy electronics and pharmaceutical store chains.

Mobile World is leading in the electronics retail market with the revenue of over VND45 trillion (roughly US$1.98 billion) and the profit of nearly VND1,600 billion (roughly US$70.52 million) last year. The figure for the first half of this year was VND31 trillion (roughly US$1.37 billion) and VND1,000 billion (roughly US$40,072.28) respectively.