Coteccons founder Nguyen Ba Duong no longer a major shareholder

Xuan Thinh Friday | 10/09/2020 17:17

Former Coteccons chairman Nguyen Ba Duong is seen at a shareholders' meeting in June 2020. Photo: tinhanhchungkhoan.vn

Founder and former chairman of Vietnam’s largest construction firm Coteccons has been no longer a major shareholder of the company after withdrawing from the board of directors, according to exchange filing.

After selling 1.13 million CTD shares, Former Coteccons Chairman Nguyen Ba Duong’s holding shares reduced to 3.2 million pieces, or 4.2 percent stakes at the company from October 6, 2020.

The major shareholders of Coteccons are Kusto, The8 and Thanh Thanh Cong. In addition, two Vinacaptal funds still hold more than 5 percent stakes of the company.

Duong found the firm and led the small equitized enterprise since 2004 to the largest construction contractor in Vietnam. Its has successfully built the tallest building in Vietnam Landmark 81.

He left Coteccons when Kusto shareholders and related groups owning dominant shares participated in corporate governance and completed the acquisition of the company.

Since the annual shareholder meeting held in June 2020, Kusto and The8 groups have assigned representatives to the key positions in the company.

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