PC1 Group Announces 4 Board Candidates as 4 Members Face Detention

Overview

PC1 Group (PC1, HOSE) has announced four candidates for election to its Board of Directors at an extraordinary general meeting scheduled for July 24. The meeting will also formalize the dismissal of four current board members, including Chairman Trinh Van Tuan, who are under criminal detention. One candidate, Trinh Khanh Linh, holds or represents 22.35% of PC1’s shares, underscoring the founding family’s continued control.

Key Facts

• PC1 will hold an extraordinary shareholder meeting on July 24, 2026, to elect four new board members.
• The four current board members to be dismissed are Trinh Van Tuan (Chairman), Vu Anh Duong, Vo Hong Quang, and Nguyen Minh De, all under detention by the Ministry of Public Security.
• Candidate Trinh Khanh Linh directly owns 4 million shares (0.97%) and represents 87.94 million shares by proxy, totaling 91.94 million shares or 22.35% of PC1’s capital.
• Trinh Khanh Linh, born 1999, is the daughter of detained Chairman Trinh Van Tuan and currently serves as Deputy Director of PC1’s Finance Department.
• Candidate Trinh Tien Dung, born 1969, is the brother of Trinh Van Tuan and holds no PC1 shares; he chairs several steel construction companies.
• Two independent director candidates are Vu Thi Minh Nhat (CFO of TIL Hai Phong International Port, independent board member of NTP) and Le Thanh Luong (PhD in Electrical Engineering, board member of Binh An Technology Services).
• PC1 shares closed at VND 21,000 on July 23, 2026.

What Happened

PC1 Group has published the list of four candidates eligible for election to the Board of Directors for the remainder of the 2025-2030 term. The extraordinary meeting on July 24 will simultaneously dismiss four current board members who are in custody as part of an investigation by the Ministry of Public Security’s investigative police agency.

Among the candidates, Trinh Khanh Linh stands out as the daughter of the detained chairman, Trinh Van Tuan. She holds a finance degree from George Washington University and previously worked at KPMG Vietnam and Vietcap Securities. Her proxy holdings come from 87.94 million shares, likely representing the founding family’s stake. The other three candidates include a family relative and two professionals with no existing shareholding in PC1.

Market Context

PC1 shares closed at VND 21,000 on July 23, 2026, on HOSE. The company operates in the construction and materials sector, with a market capitalization of approximately VND 8.6 trillion. The leadership crisis has weighed on the stock, which has been under pressure since the detention of key executives. The upcoming EGM is a critical step toward stabilizing governance, though the continued involvement of the founding family may raise corporate governance questions among institutional investors.

Strategic Significance

The board restructuring comes amid a broader investigation that has removed the company’s top leadership. The nomination of Trinh Khanh Linh, who controls over 22% of shares, suggests the founding family intends to retain strategic control despite the legal troubles. The addition of two independent directors with financial and energy expertise could improve board oversight and help restore investor confidence. However, the lack of share ownership by most candidates may limit alignment with minority shareholders.

What to Watch

• Outcome of the EGM on July 24: approval of candidate list and formal dismissal of detained directors.
• Any further legal developments involving the detained executives and potential impact on PC1’s operations.
• Q2 2026 earnings release: impact of leadership vacuum on financial performance.
• Changes in foreign ownership limits or investor sentiment following board stabilization.
• Clarity on the proxy voting arrangement for Trinh Khanh Linh’s 21.38% stake.