EEMC Board Moves to Remove Director Dang Phan Tuong After Prosecution

Overview

Tổng Công ty Thiết bị Điện Đông Anh - CTCP (EEMC, listed on UPCOM) has published documents for an extraordinary general meeting on 7 November 2026 in Hà Nội, at which shareholders will vote on removing board member Dang Phan Tuong and electing a replacement for the 2026-2031 term. The board acted after C01, the investigative police agency of the Ministry of Public Security, notified the company that Tuong had been prosecuted as a defendant. The same disclosure set reported H1 2026 net profit of more than VND 66 billion, down 25% year-on-year.

Key Facts

• Extraordinary general meeting scheduled for the morning of 7 November 2026 in Hà Nội.
• Agenda: dismissal of board member Dang Phan Tuong and election of an additional board member for the 2026-2031 term.
• C01 notified EEMC that Tuong has been prosecuted as a defendant; under the Law on Enterprises, a person under criminal prosecution does not meet the criteria to serve on a board of directors.
• Deadline for candidate nomination files is 15:00 on 6 November 2026.
• H1 2026 net revenue was VND 1,111 billion, up slightly year-on-year; gross profit fell by VND 15 billion to nearly VND 171 billion.
• H1 2026 net profit after tax exceeded VND 66 billion, down 25% versus H1 2025.
• Tuong previously served as chairman of EVNNPT’s member council for nine years, from 1 September 2011 to 1 September 2020.
• The Ministry of Public Security has prosecuted 48 defendants across five charge groups in the case concerning EVNNPT, PC1 and related units, and the investigation is being widened.

What Happened

According to the company’s disclosure, EEMC received notice from C01 that Dang Phan Tuong, a member of its board of directors, had been prosecuted as a defendant. Citing the Law on Enterprises, the company stated that a person under criminal prosecution is not eligible to serve as a board member. The board therefore resolved to put Tuong’s dismissal to shareholders and to fill the resulting vacancy for the 2026-2031 term, with nomination files due by 15:00 on 6 November 2026, the day before the meeting.

The disclosure also covered first-half 2026 results. Net revenue reached VND 1,111 billion, marginally higher year-on-year, but cost of goods sold rose faster, compressing gross profit to nearly VND 171 billion, a decline of VND 15 billion. After expenses, net profit after tax came in above VND 66 billion, 25% below the first half of 2025. The article does not specify the exact charges against Tuong, the value of any alleged conduct, or whether the case touches EEMC’s own contracts; it notes only that the broader investigation concerns EVNNPT, PC1 and related units and remains under expansion.

Market Context

EEMC trades on UPCOM, Vietnam’s third-tier market, and last closed at VND 97,600 on 28 July 2026. The stock sits in the electrical equipment segment of the industrial goods and services sector, a group whose order flow is closely tied to the transmission and distribution investment plans of EVN and its member companies, including EVNNPT. The prosecution sits inside a widening anti-corruption case that has already named 48 defendants across EVNNPT, PC1 and related units, and it lands alongside a profit decline that points to margin pressure rather than volume weakness. Liquidity on UPCOM is thin, so headline-driven moves in the shares can be sharp and may not reflect fundamental change.

Strategic Significance

The governance question matters more than the single board seat. EEMC’s customer base is dominated by the state-owned power transmission complex, and a board vacancy created by a criminal case tied to that same complex raises the possibility of closer scrutiny of procurement and contracting across the supply chain. For long-term holders, the test is whether the replacement director strengthens independence and disclosure, or whether the seat is filled by another figure from the same network. The 25% profit decline is the second signal: revenue held flat while gross margin narrowed by VND 15 billion, suggesting input costs or pricing pressure that a board reshuffle will not address.

What to Watch

• Outcome of the 7 November 2026 extraordinary meeting, including the identity and background of the newly elected board member.
• Any further C01 notice naming additional EEMC personnel or specifying the charges against Tuong.
• Whether the widened EVNNPT and PC1 investigation reaches EEMC contracts or tender awards.
• Full H1 2026 financial statements, particularly the gross margin trend and any provisions.
• Disclosure of the exact ticker code, which the source article lists as TBD, and any subsequent trading or foreign-ownership filings.