The sale will be done by put-through transactions between August 27 and September 25, according to a statement by the company, which added that Duy wants to sell the shares for personal reasons.

His stake, equivalent to 5.4 million shares, is valued at nearly VND60 billion ($2.6 million).

Duy, 36, is the son of company chairman Dang Phuoc Thanh. He joined the management in 2012, and is in charge of operations in Da Nang.

Vinasun, the country’s second largest taxi firm behind Mai Linh Group, posted a loss of nearly VND130 billion ($5.6 million) in the first half of this year, including the biggest quarterly loss ever recorded in the second quarter as taxis were suspended in April because of the Covid-19 pandemic.

In the period, its number of employees dropped by 20 percent to 4,625.

The management said at the annual general meeting in June that 2020 was the most challenging year for the company since its establishment in 2003.