Bao Minh Securities (BMS) Calls Extraordinary Shareholder Meeting After Two Board Resignations

Overview

Bao Minh Securities Corporation (ticker BMS, UPCOM) has called an extraordinary shareholders’ meeting to remove two board members who submitted resignations for personal reasons and to elect two replacements for the 2023-2028 term. The company also named Trinh Thi Thu Huong as standing Deputy CEO for a two-year term starting 17 September 2026. The changes touch the top of a securities firm whose H1/2026 pre-tax profit doubled year on year to nearly VND 139 billion.

Key Facts

• The board resolution sets 5 November 2026 as the record date to finalise the shareholder list for the extraordinary meeting; time and venue will follow in the invitation letter.
• Two board members resigned for personal reasons: Phan Tan Thu and Nguyen Thy Phuong.
• Phan Tan Thu, born 1983, was appointed CEO of BMS in January 2022 and joined the board in April 2023; Nguyen Thy Phuong joined the board in April 2025.
• The meeting will elect two new board members to complete the term IV (2023-2028) mandate.
• Trinh Thi Thu Huong was appointed standing Deputy CEO for a two-year term beginning 17 September 2026.
• H1/2026 revenue reached nearly VND 237 billion, up 3% year on year; pre-tax profit reached about VND 139 billion, 2.1 times the H1/2025 figure.
• Total assets stood at VND 3,034 billion as of 30 June 2026, up about 18% from the start of the year, with FVTPL assets of nearly VND 1,970 billion and total liabilities doubling to VND 720 billion.
• BMS closed at VND 11,700 per share on 14 October 2026, implying a market capitalisation of roughly VND 2,500 billion.

What Happened

According to a board resolution disclosed by the company, Bao Minh Securities will convene an extraordinary general meeting of shareholders in 2026. The agenda covers the dismissal of two board members on the basis of their resignation letters and the election of two additional members to the board for the 2023-2028 term. The company said the exact timing and location will be confirmed in the formal meeting invitation.

Days earlier, BMS announced it had received resignation letters from board members Phan Tan Thu and Nguyen Thy Phuong, both citing personal reasons. Phan Tan Thu has served as CEO since January 2022 and was elected to the board in April 2023, while Nguyen Thy Phuong was added to the board in April 2025. Separately, the company appointed Trinh Thi Thu Huong as standing Deputy CEO for two years from 17 September 2026. As of 30 June 2026, the executive team comprised CEO Phan Tan Thu and Deputy CEO Tran Thi Lan Anh, who also heads the Saigon branch.

Market Context

BMS trades on UPCOM, Vietnam’s unlisted public company market, where liquidity and disclosure cadence are typically thinner than on HOSE or HNX. The shares closed at VND 11,900 on 13 October 2026 and VND 11,700 on 14 October, giving a market capitalisation of about VND 2,500 billion, or roughly USD 100 million. The stock sits in the securities sector, which has been sensitive to brokerage margin balances and proprietary trading gains; BMS’s H1 revenue was driven mainly by gains on FVTPL financial assets of VND 194 billion, down VND 3 billion year on year, while margin loans stood at VND 306 billion.

Strategic Significance

The resignations remove both a sitting CEO-director and a relatively new board member, leaving the board to be reconstituted mid-term while the company’s profit base is expanding. For long-term holders, the central question is whether the new appointees preserve the proprietary-trading-led earnings model or push BMS toward a more balanced mix of brokerage, margin lending and advisory income. The doubling of total liabilities to VND 720 billion, including roughly VND 450 billion of short-term borrowings and VND 200 billion of long-term bonds, means the incoming board inherits a more leveraged balance sheet than a year ago, making capital-allocation discipline the key variable.

What to Watch

• The formal invitation letter confirming the meeting date, venue and full agenda.
• Names and backgrounds of the two proposed board candidates for the 2023-2028 term.
• Whether CEO Phan Tan Thu retains his executive role after leaving the board.
• Q3/2026 results, particularly FVTPL gains and margin lending balances.
• Any change in the composition of the board’s independent members, including Chairwoman Luong Thi Cam Tu.