GELEX Electric (GEE) to Remove Board Member Dang Phan Tuong, Proposes Name Change to GELEX Industries

Overview

GELEX Electric (HOSE: GEE) has approved documents for a written shareholder vote on four items: changing the company name to GELEX Industries, amending its business lines, revising its charter, and removing and replacing a board member. The personnel move follows the prosecution of board member Dang Phan Tuong in an investigation related to National Power Transmission Corporation (EVNNPT).

Key Facts

• GEE’s board resolution dated 1 October 2026 approved documents for a written shareholder ballot covering four agenda items.
• The company proposes renaming itself from GELEX Electric Joint Stock Company to GELEX Industries Joint Stock Company.
• Shareholders will vote on removing board member Dang Phan Tuong and electing a replacement for the remainder of the 2025-2030 term.
• On 14 September, the boards of GELEX Electric, CADIVI and THIBIDI approved a written shareholder ballot to remove Tuong, citing failure to meet board member standards.
• Tuong was prosecuted as a defendant in an investigation at EVNNPT; GELEX Group said the matter arose before he joined GELEX Electric’s governance.
• Proposed additional business lines include technology research and development, specialised design, technology consulting and transfer, IT infrastructure, and data processing and storage.
• GEE shares closed at VND 68,500 on 3 October 2026.

What Happened

GELEX Electric’s board issued a resolution on 1 October 2026 approving documents to collect shareholder opinions in writing. The documents put four matters to shareholders: a change of company name, amendments and additions to business lines, revisions to the charter, and the removal of one board member together with the election of a replacement for the remaining 2025-2030 term. The company said the current name no longer fully reflects its scope of operations and its new development direction.

The personnel item follows the prosecution of Dang Phan Tuong, a GELEX Electric board member, as a defendant in an investigation at EVNNPT. On 14 September, the boards of GELEX Electric and two system companies, CADIVI and THIBIDI, approved a written shareholder ballot to remove Tuong on the grounds that he no longer met the standards and conditions for board membership. GELEX Group stated that the matter concerning Tuong arose before he joined the governance of GELEX Electric and its member companies, and that he served only as a board member without direct involvement in day-to-day operations, so production, business, financial management and cash flow continued under existing governance mechanisms.

Market Context

GEE trades on the HOSE and closed at VND 68,500 on 3 October 2026. The company sits in the electrical equipment segment of Vietnam’s industrial goods sector, a group that has drawn investor attention on the back of grid investment and power infrastructure demand. The proposed shift toward industrial materials and technology would reposition GEE beyond its traditional cable and transformer manufacturing base, a move that broadens its addressable market but also introduces execution risk in less familiar segments.

Strategic Significance

The renaming to GELEX Industries signals a deliberate repositioning from a pure electrical equipment maker into a broader industrial and technology platform, with proposed additions spanning R&D, specialised design, technology transfer, IT infrastructure, and data processing and storage. For long-term investors, the thesis rests on whether GELEX can leverage its existing manufacturing footprint and group relationships to build higher-margin industrial and technology revenue streams. The board reshuffle is a governance response to a legal matter that the parent says predates Tuong’s tenure, and the speed of the removal process across GELEX Electric, CADIVI and THIBIDI suggests the group is seeking to contain reputational risk while pressing ahead with its diversification agenda.

What to Watch

• The date and results of the written shareholder ballot on the name change, business lines, charter amendments and board replacement.
• The identity and background of the proposed new board member for the 2025-2030 term.
• Further developments in the EVNNPT investigation and any implications for other GELEX system companies.
• Details on the timing and capital allocation for the proposed industrial materials and technology expansion.
• GEE’s next financial disclosure for evidence of revenue contribution from non-electrical-equipment segments.