Former EuroCham Vietnam chairman becomes chair of refrigeration electrical engineering firm (REE)
Former EuroCham Vietnam chairman becomes chair of refrigeration electrical engineering firm (REE)
Alain Xavier Cany, former chairman of the European Chamber of Commerce in Vietnam (EuroCham Vietnam) and non-executive vice-chairman of Refrigeration Electrical Engineering Corporation (REE), has been named chairman of the firm, replacing his predecessor Nguyen Thi Mai Thanh.
Alain Xavier Cany, the new chairman of Refrigeration Electrical Engineering Corporation. Photo: REE |
Cany joined REE in 2021 as a representative of Singaporean investment fund Platinum Victory Pte. Ltd.
He holds a degree in economic sciences from the University of Paris. Highlights of his career include serving as CEO of HSBC Vietnam and country chairman of Jardine Matheson Vietnam, according to a report by REE.
Cany was chairman of Eurocham Vietnam from 2005 to 2012 and from 2021 to 2022.
Thanh left her role as REE chairwoman on November 22 and now holds the post of executive director. She has led REE since its privatization in 1993.
On November 19, Platinum Victory Pte. Ltd. registered to buy 30 million REE shares via either put-through or order-matching transactions or through the Vietnam Securities Depository and Clearing Corporation.
The transactions are scheduled to take place from November 22 to December 20.
If successful, the fund's stake in REE will increase to 42.07 percent from 35.07 percent.
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| Nguyen Thi Mai Thanh, who served as REE chairwoman from 1993 to 2024. Photo: REE |
Meanwhile, Thanh currently owns over 60.4 million REE shares, or a 12.8-percent stake.
Thanh’s husband, Nguyen Ngoc Hai owns 5.5 percent of REE; her son, Nguyen Ngoc Thai Binh, two percent; her daughter, Nguyen Ngoc Nhat Hanh, 1.3 percent. In total, her family’s stake in the company amounts to 21.6 percent.
REE was established as a state-owned company in 1977.
It was privatized in 1993 and listed on the Vietnamese stock exchange in 2000. In the last 24 years, it has grown to become a leading firm in Vietnam’s power and water utilities sector with a market capitalization of over VND30 trillion (US$1.2 billion).
Its charter capital has jumped to over VND4.7 trillion ($185.5 million) from VND150 billion ($5.9 million). Its assets have also surged 140 times to reach VND35 trillion ($1.4 million).
From a modest profit of VND30 billion ($1.3 million) in 2000, it now earns trillions of Vietnamese dong per year. (VND1 trillion = $39.4 million).
