Huge assets of the family of the Deputy Minister of Industry and Trade

Deputy Minister of Industry and Trade Ho Thi Kim Thoa's family owns assets worth 672 billion VND at Dien Quang Light Bulb Joint Stock Company.

Deputy Minister Ho Thi Kim Hoa. Photo: Internet

The Ministry of Industry and Trade has officially informed about the huge assets that Deputy Minister of Industry and Trade Ho Thi Kim Thoa is holding at Dien Quang Electric Bulb Joint Stock Company.

“The number of shares of Dien Quang Electric Bulb Joint Stock Company that Ms. Ho Thi Kim Thoa owns is the number of shares she acquired before being appointed as Deputy Minister of Industry and Trade” - the Ministry of Industry and Trade said.

Before being appointed as Deputy Minister of Industry and Trade in 2010, Ms. Ho Thi Kim Thoa had 18 years of working experience at Dien Quang Lamp Joint Stock Company. Specifically, from 2000 - 2005, she was Party Secretary, General Director of the Company and from 2005 - 2010, she was Chairwoman of the Board of Directors and General Director of the Company.

Ms. Thoa is not the only family member who owns many DQC shares. In Ms. Thoa's family, her daughter Nguyen Thai Nga is the one who holds the most DQC shares. With more than 4.1 million DQC shares, Ms. Nguyen Thai Nga has more than 235 billion VND on the stock market. Therefore, Ms. Nga is in 108th place in the list of the richest people on the Vietnamese stock market. The assets that Ms. Thoa holds at Dien Quang are DQC shares. At the end of 2016, Ms. Thoa held nearly 1.7 million DQC shares. Based on the highest price of DQC in the morning session of February 13 (57,000 VND/share), Ms. Thoa's assets on the stock market reached more than 96 billion VND.

Ms. Nguyen Thai Nga is the largest shareholder of Dien Quang Joint Stock Company. The power of Ms. Ho Thi Kim Thoa's daughter, born in 1984, is also due to her holding the position of Board of Directors and Deputy General Director of Dien Quang.

Although he is the most powerful person at Dien Quang, holding the positions of Chairman of the Board of Directors and General Director of the company at the same time, Mr. Ho Quynh Hung, younger brother of Ms. Ho Thi Kim Thoa, is only the 4th largest shareholder at Dien Quang.

Mr. Hung currently owns more than 2.5 million DQC shares. According to the highest market price of DQC on the morning of February 13, this amount of shares is worth nearly 144 billion VND. With this asset, Mr. Hung is in the Top 200 richest people on the Vietnamese stock market.

Nguyen Thai Quynh Le, another daughter of Ms. Ho Thi Kim Thoa, is also a major shareholder of Dien Quang Company, owning more than 2.2 million DQC shares. These shares are worth VND127 billion.

Ms. Tran Thi My Xuan, Ms. Thoa’s mother, is also on the list of shareholders of Dien Quang. Ms. Xuan owns more than 1.2 million DQC shares. Thanks to DQC, Ms. Xuan’s assets on the stock market reached nearly 70 billion VND.

Light bulb production at Dien Quang Light Bulb Joint Stock Company (illustrative photo)

Thus, the entire family of Ms. Ho Thi Kim Thoa owns DQC shares equivalent to 672 billion VND (according to the highest market price of DQC on the morning of February 13). But that is not all, in addition to the value of shares, Ms. Thoa's family's assets are also supplemented by dividends.

In 2016, Dien Quang shareholders were paid dividends twice in cash. In the beginning of the year, shareholders received dividends at the rate of 10% for the second installment of 2015 and 15% for the first installment of 2016. Thus, Dien Quang paid 25% dividends to shareholders in 2016.

That means, Ms. Thoa's whole family received 29.45 billion VND in cash dividends.

Dien Quang Lamp Joint Stock Company is a company that manufactures and trades solutions, products and services in the field of lighting and electrical equipment in Vietnam. The company was established in 1973 and equitized in 2005. That means since 2005, Dien Quang has not only state capital but also private capital.

Dien Quang’s business results are unstable, often with large fluctuations from quarter to quarter. Dien Quang’s after-tax profits in recent quarters have been “up and down”. After-tax profits in the fourth quarter of 2015, the first quarter of 2016, the second quarter of 2016 and the third quarter of 2016 were 75 billion VND, 37 billion VND, 71 billion VND and 45 billion VND respectively.

According to Vietnamnet