SASCO (SAS) Adds CEO Du Kim Thang to Board Ahead of HOSE Listing Move

Overview

SASCO (UPCoM: SAS), the Tân Sơn Nhất airport services company chaired by Johnathan Hạnh Nguyễn, held an extraordinary shareholders’ meeting on October 8, 2026, electing CEO Dư Kim Thăng to its Board of Directors and approving a package of governance amendments. The company states the changes are part of its roadmap to transfer its share listing from UPCoM to HOSE.

Key Facts

• Extraordinary shareholders’ meeting held on October 8, 2026.
• CEO Dư Kim Thăng elected to the Board of Directors for the remainder of the 2024–2029 term.
• Nguyễn Văn Hùng Cường removed from the Board of Directors by shareholder resolution.
• Shareholders approved amendments to the company charter and three governance regulations: internal corporate governance, Board of Directors operations, and Supervisory Board operations.
• Post-meeting board comprises five members.
• Dư Kim Thăng concurrently serves as CEO and legal representative of SASCO.
• SAS shares closed at VND 33,800 on October 7, 2026, on UPCoM.

What Happened

According to the meeting results disclosed by the company, shareholders approved the dismissal of Nguyễn Văn Hùng Cường from the Board of Directors and elected Dư Kim Thăng to fill the seat for the remaining portion of the 2024–2029 term. Dư Kim Thăng currently serves as CEO and legal representative of SASCO; before taking that role he spent years directly managing and operating Côn Đảo Airport. The board now has five members.

The meeting also passed amendments to the company charter and three regulations falling under shareholder authority: the internal corporate governance regulation, the Board of Directors operating regulation, and the Supervisory Board operating regulation. SASCO said the review and update of its governance documents was carried out on the basis of current legal requirements, practical operating needs, and the roadmap to move the SAS listing from UPCoM to HOSE. Chairman Nguyễn Hạnh, also known as Johnathan Hạnh Nguyễn, said the company’s strategic direction and commitments to shareholders, partners and customers remain unchanged.

Market Context

SAS trades on UPCoM, Vietnam’s unlisted public company market, and closed at VND 33,800 on October 7, 2026. SASCO operates in airport services, a sector tied to passenger throughput at Tân Sơn Nhất and other Vietnamese airports, and sits within the retail and services ecosystem associated with the IPP Group of Johnathan Hạnh Nguyễn. A move to HOSE would place the stock on Vietnam’s main exchange, where liquidity, index eligibility and institutional coverage are typically broader than on UPCoM.

Strategic Significance

The combination of a CEO joining the board and a full rewrite of charter and governance rules is the standard preparatory work for an exchange upgrade. For long-term holders, the key question is whether the HOSE transfer changes the shareholder base: main-board listing can open SAS to funds whose mandates exclude UPCoM names, potentially improving valuation and liquidity. Consolidating the CEO role onto the board also shortens the distance between operational decisions and board oversight at a company whose revenue depends on airport traffic volumes.

What to Watch

• Formal HOSE listing application and any subsequent approval or rejection notice.
• Disclosure of the expected transfer date and reference price for the first HOSE trading session.
• Q4 2026 and full-year 2026 results, the first reporting cycle under the amended governance framework.
• Any further board or senior management changes following the five-member restructuring.
• Updates on airport passenger volumes at Tân Sơn Nhất and Côn Đảo, the operating base of the new board member.