AIS Securities Undergoes Management Overhaul with New Majority Shareholders, Sun Group and NCB Executives Nominated to Board

Vietnamese securities firm AIS (Chứng khoán AIS) is set for a significant management overhaul following the acquisition of a majority stake by two new shareholders. Pham Anh Cuong and Bui Thi Huyen have collectively purchased 85.15% of AIS's shares, amounting to 127.7 million shares. Cuong acquired 45.15% (67.7 million shares), while Huyen secured 40% (60 million shares). Following the transaction, AIS's Board of Directors has approved Cuong's appointment as Chief Executive Officer (CEO). An extraordinary general meeting of shareholders is scheduled to vote on the resignation of the entire current board and supervisory board, and to elect new members for the remainder of the term until 2029. Three board members, including Chairwoman and CEO Nguyen Ngo Thi Phuong, along with Tran Tien Thang and Pham Cao Thang, have submitted resignations citing personal reasons and insufficient time and conditions to continue their duties. All three members of the supervisory board have also resigned. The new major shareholders, Cuong and Huyen, have nominated themselves, along with Ngo Thi Thanh Huyen, for positions on the Board of Directors. Phung Ngoc Viet Nga, Hoang Hoai Phuong, and Nguyen Hoang Anh are nominated for the supervisory board. Notably, the nominated individuals bring experience from prominent entities. Cuong previously served as Director of Investment Banking at SSI Securities (Chứng khoán SSI) and most recently held positions at Sun Group's investment arm, including Head of Corporate Governance and currently Deputy Head of Finance and Head of Investment. Huyen is the Deputy Head of Operations at National Citizen Bank (NCB), with prior experience at TPBank and SeABank. Ngo Thi Thanh Huyen, another board nominee, is the Head of Financial Management at Sun Group and has a long tenure at VietinBank. The supervisory board nominees are all currently employed at NCB, including the Head of Legal and Compliance and Deputy Heads of the Board of Directors' Office. AIS, originally established as Indochina Securities JSC in September 2007, is now poised for a new chapter. This management change reflects the dynamic and evolving landscape of Vietnam's securities market, potentially indicating industry consolidation and strategic realignments. Source: The Saigon Times