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ALP: Resolution of the BOD
Alphanam Joint Stock Company (Alphanam JSC) has informed of resolution of the BOD as follows:
Article 1: Approving the business result in the first 6 months 2008
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First 6 months (bil dongs) |
Compared to the year plan |
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Total sales |
477.60 |
47.76% |
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Profit before tax |
44.36 |
44.80% |
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Profit after tax |
44.03 |
55.73% |
Article 2: Approving the following solutions to complete the year plan 2008:
- Pushing production on major products of the company such as elevators, paint, bags, composite.
- Temporary suspension or limitation of investment activities on machines, fixed assets.
- Holding back investment on real estate projects of the Vinaconex – Alphanam infrastructure development and investment joint stock company such as the projects at 47 Vu Trong Phung (Hanoi) and 215 Le Loi (Vinh city). It is because of the following reasons: high inflation; material prices such as steel, cement; high bank interest; decrease of real estate products.
- Expanding the export market for products such as elevators, paint, bags and sustaining the existing markets such as Cambodia, Cuba and penetrating to other markets: Ukcraina, Spain....
- Building and developing the paint distribution system. The company is expected to open 2,000 stores and distribution agencies throughout the country in 2008.
- Decrease of account receivable and inventory.
- Try to reach the year plan:
+ Total sales: VND1,000 billion
+ Profit after tax: VND79 billion
+ Dividend pay-out ratio: > 18%
Article 3: Transfering operation of electricity equipments of Alphanam to FUJI – ALPHA Joint Venture Company.
Transference would be completed on August 1st 2008.
Article 4: Approving of setting up BOYSEN – ALPHA Joint Venture Company
- Expected chartered capital: 20 bil dongs
- Contribution of capital:
+ Alphanam: 49%
+ Boysen paint company: 49%
+ Mr Nguyen Tuan Hai: 2%
- The 1st time of the 5-year term:
+ Chairman of the BOD will be the person of Alphanam
+ Director General will be the person of Boysen.
+ Members of the BOD: 2 persons of Alphanam and 2 persons of Boysen.
- Appointing Mr Nguyen Tuan Hai and Mr Nguyen Tai Minh Cuong to join the BOD of BOYSEN – ALPHA.
- The company is expected to be put into operation in September 2008.
- The company operates into 3 stages:
1. The 1st stage: Build the nationwide distribution system. Paint is imported from Boysen and directly sold in the Vietnam market.
2. The 2nd stage: Transfer semiproduct of paint from Boysen and complete the last stage in Vietnam. Boysen will send experts and machines to Vietnam.
3. The 3rd stage: Paint is produced in Vietnam. The factory is expected to locate in HCMC.
HoSE
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