Golden Gate chairman recommended for Mobile World management board (MWG)
Mobile World’s bachhoaxanh.com food store chain is seeing good prospects thanks to the co-operation with Golden Gate, which owns more than 300,000 restaurants across the country. Accordingly, Dao The Vinh, chairman of Golden Gate’s management board has just been recommended to be a member of Mobile World’s board of management.
According to a report submitted to the annual general shareholders’ meeting, Mobile World Investment JSC has just proposed adding two new members to its board: Doan Van Hieu Em, the CEO of thegioididong and Dien May Xanh store chains, and Dao The Vinh, chairman and CEO of Golden Gate Restaurant Group.
Vinh is one of the five founding shareholders of Golden Gate, which runs a string of well-known restaurants like Ashima, Kichi-Kichi, Sumo BBQ, Gogi House, Daruma, Vuvuzela, and Cowboy Jack’s. Vinh held 35 per cent of Golden Gate’s shares, but his ownership significantly reduced due to the increasing number of shareholders.
At the end of last year, Vinh registered to sell nearly 400,000 Golden Gate stocks to narrow his ownership from 11.09 to 5.33 per cent.
Mobile World stated that Vinh is eligible to be an independent member of its management board because he does not hold any stocks in the firm at the moment. However, Mobile World has yet to reveal Vinh’s tasks on the management board.
In addition to adding new members, Mobile World will also request shareholder’s approval to issue 10.6 million stocks before March 31. The price of these stocks is forecast to be VND10,000 ($0.4) or equivalent to 50 per cent of the market price. The issued stocks will not be transferrable for four years.
Mobile World’s goal this year is to reach VND108 trillion ($4.7 billion) in revenue and VND3.571 trillion ($155.26 million) in net profit. Accordingly, electronics and mobile retail will keep being the company’s main sources of revenue, with the Dien May Xanh store chain expected to account for 40 per cent of electronics retail.