Tibaco (TSB) Replaces Chairman Again as DGC Tightens Grip on HNX Battery Maker

Overview

Tibaco (HNX: TSB) has changed chairmen again, with the board electing Nguyen Tat Dai to lead it for the 2023-2028 term after Doan Van Quang stepped down from the chair on 2 October 2026. The reshuffle coincides with an extraordinary general meeting that removed two directors and added two nominees put forward by parent company Duc Giang Chemicals (HoSE: DGC), which holds 51% of TSB. The move matters because it consolidates DGC’s control over the HNX-listed lead-acid battery maker at a time when TSB is loss-making.

Key Facts

• Doan Van Quang ceased to be chairman from 2 October 2026 but remains a board member.
• Nguyen Tat Dai was elected chairman for the 2023-2028 term on the same date.
• Quang had held the chair for just over two months, having replaced Luu Bach Dat in late July 2026 after Dat was suspended while under prosecution by the Ministry of Public Security’s investigative police agency.
• The 2 October extraordinary general meeting removed Luu Bach Dat and Phung Trong Tu from the board and elected Nguyen Tat Dai and Nguyen Van Thoa.
• Duc Giang Chemicals (HoSE: DGC) holds more than 3.44 million TSB shares, equal to 51% of charter capital, and is the controlling shareholder.
• TSB targets 2026 revenue of VND 210 billion, after-tax profit of VND 5 billion and a 7% cash dividend.
• In Q2 2026, TSB posted VND 86 billion in revenue but a loss of more than VND 3 billion.

What Happened

According to a newly published board resolution, the board of Tibaco agreed to let Doan Van Quang step down as chairman effective 2 October 2026, while he continues to serve as a board member under Vietnamese law and the company charter. On the same day, the board elected Nguyen Tat Dai as chairman for the 2023-2028 term. Quang had only taken the chair in late July 2026, succeeding Luu Bach Dat, who was removed after being prosecuted by the Ministry of Public Security’s investigative police agency.

The change came alongside a broader board renewal at an extraordinary general meeting on 2 October. Shareholders approved the removal of Luu Bach Dat and Phung Trong Tu as board members and elected Nguyen Tat Dai and Nguyen Van Thoa as replacements for the 2023-2028 term. Both incoming directors had previously been nominated by Duc Giang Chemicals, TSB’s parent company. Duc Giang Chemicals has held 51% of Tibaco since March 2023, when it completed its takeover of the battery maker.

Market Context

TSB closed at VND 18,800 on 5 October 2026 on the HNX, while parent DGC closed at VND 35,100 on the HoSE. Tibaco traces its origins to the Tam Bac Battery Factory, founded in 1960, was equitised in 2004 and has traded on the HNX since early 2011. It produces lead-acid batteries for cars, ships, tractors, tanks, motorcycles and household use, and has been steering toward electric-vehicle components, including improved batteries for electric motorbikes and lithium-battery research. The leadership churn sits against a weak earnings backdrop: TSB’s Q2 2026 revenue of VND 86 billion came with a loss of more than VND 3 billion, well short of the full-year profit target.

Strategic Significance

For long-term investors, the key thread is governance stability inside a company that DGC has controlled since 2023. Two chairmen in roughly three months, following the prosecution of a former chairman, leaves TSB’s board reliant on DGC-nominated directors for direction. That gives the parent a clear runway to align Tibaco with its broader chemicals and materials ecosystem, including any push into lithium cells or EV components. The risk is that repeated turnover at the top delays execution on that transition while the core lead-acid business remains marginally profitable at best.

What to Watch

• TSB’s Q3 2026 earnings release, to test whether the Q2 loss reverses toward the VND 5 billion full-year profit target.
• Any further disclosure from the Ministry of Public Security investigation involving former chairman Luu Bach Dat.
• DGC filings on related-party transactions or capital support for TSB.
• Progress updates on TSB’s lithium-battery research and electric-vehicle component plans.
• Board or management changes at TSB following the 2 October extraordinary general meeting.