Dien Quang Joint Stock Company (DQC) closed the session of August 1st at VND40,600 (roughly US$1.79) per share, decreasing by nearly 7% compared with the previous day.
At the opening of yesterday’s session, DQC share price plummeted by nearly 7%. Despite having recovered slightly at the end of the morning, DQC share price still dropped to roughly US$1.79, close to its floor price.
This plunge is believed to be the response of investors to the proposal of sacking Ho Thi Kim Thoa from her position was announced. Thoa is the former Chairwoman – General Director of DQC and Deputy Minister of Industry and Trade.
Thoa currently holds 4.9% of DQC total share, equivalent to nearly 1.7 million shares with the market value of VND70 billion (roughly US$3 million).
Besides, some members of her family hold about 30% of DQC charter capital with the market value of more than VND400 billion (roughly US$17.6 million).
Dien Quang and Rang Dong are two leading manufacturers of lighting and electrical appliances in Vietnam. However, Rang Dong has witnessed positive business results while the business of Dien Quang has been declining.
In the first six months of 2017, DQC earned a revenue of VND418 billion (roughly US$18.4 million), decreasing by 6.8% compared with the same period of last year.
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