Loc Troi Group Joint Stock Company (LTG) dissolved a subsidiaryMonday, September 25,2023
AsemconnectVietnam - Loc Troi Group Joint Stock Company (stock code LTG - UPCoM) recently announced the Board of Directors' decision to terminate the operation of the investment project and dissolve Loc Troi - Vien Thi Joint Stock Company.
Loc Troi - Vien Thi is a joint venture between Loc Troi and Vien Thi Ho Nam Group (China) established by Board of Directors resolution in May 2018 with Loc Troi owning 51% of charter capital, Vien Thi Ho Nam owning 48% of charter capital and the remaining 1% is held by LTG's subsidiary, Thoai Son Food.
This joint venture's main business lines are the production of plant seeds, research and development of biotechnology; Agricultural science, hybridization of new varieties, research and testing of new plant varieties...
In addition, on September 13, Loc Troi also received the resignation of Ms. Thuy Vu Dropsey, Member of the Board of Directors of LTG for the 2019 - 2024. LTG said that Ms. Thuy Vu Dropsey's resignation will be reported to The General Meeting of Shareholders at the nearest meeting or in the form of collecting written opinions from shareholders.
Ms. Thuy Vu Dropsey (born in 1982) was elected to hold the position of Member of the Board of Directors of LTG for the 2019 - 2024 on June 28, 2019. Currently, Ms. Thuy Vu Dropsey does not own any shares of LTG.
As for Loc Troi, in the first 6 months of 2023, Loc Troi Group recorded net revenue of VND6,130.2 billion, an increase of 4%, and net profit of more than VND343 billion, an increase of 2.4 times compared to the first half of 2022. In 2023, Loc Troi Group sets a business plan with an expected after-tax profit of VND400 billion, a slight decrease of 2.8% compared to 2022. So after 6 months, Loc Troi has achieved approximately 86% of the yearly profit target.
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