It scaled down the workforce to ensure a stable income for the remaining 3,500 staff, its leaders said at the company’s extraordinary general meeting on Tuesday.
103 shareholders, representing 33.7% voting rights, participated in the meeting. An earlier meeting on Jan. 2 was not held due to an insufficient number of shareholders.
Shareholders approved the selection of two new directors, bringing the total number to five.
FLC, with 14 subsidiaries, went through a challenging 2022 and 2023 after its chairman Trinh Van Quyet and other leaders were arrested for stock manipulation.
The company now aims to continue restructuring with a focus on three main businesses: property development, resort operations and mergers and acquisitions.
It eyes a revenue of VND1.19 trillion ($48.49 million) from property development this year.