Game company VNG gets new chairman

The decision was reportedly made on January 1 but only announced recently.

Minh, who owns around 10% of the company, has been chairman and CEO since 2004.

Nhan became a director in December.

VNG has also approved a plan to sell all 7.1 million treasury shares to BigV Technology Corp at VND178,000 ($7.59), or nearly 26% lower than the VND240,000 at which it closed on listing on the Unlisted Public Company Market on January 5.

The deal, if successful, will give BigV a 24.4% stake in VNG, and the VND1.26 trillion it will pay will be deployed for game development and marketing.

Since January 5 the share has not been traded.

VNG was established in 2004 as Vinagame with a charter capital of VND15 billion, which has since risen to VND358 billion.

The company has operations in Hong Kong, Thailand, Singapore, the Philippines, Myanmar, Taiwan, and Indonesia.

Its main businesses besides games, which account for 70% of revenues, are communications and media, fintech, and cloud services.