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GMC: Resolution of BOD
Saigon Garment Manufacturing Trade Joint Stock Company (GARMEX) has informed of resolution of the BOD as follows:
* Article 1: Approving of not implementing the share issuance to existing shareholders with ratio 2:1 (VND10,000/share) due to the aye rate when doing a ballot dated August 25th 2008 which was less than 75% as stipulated.
* Article 2: Approving the share issuance which was passed in the annual shareholders’ meeting on April 4th 2008: issuing shares to existing shareholders with ratio 5:2 (VND12,000/share) and offering shares through private placement with total value of 20% of chartered capital at the price of VND27,000/share.
Expected capital: VND66,558,588,000
- Supplemental chartered capital: VND35,027,990,000 (3,502,799 shares)
- Capital gain: VND31,530,598,000
* Article 3: Purposes of issuance:
- Completing the first stage of the projects of Tan My Garment limited company and building houses for employees.
- Investing to machines and equipment of Tan My Garment limited company and other plants belonging to GARMEX in 2008-2009.
Increase liquid capital to develop FOB method in 2009.
* Article 4: Authorizing the chairman of the BOD, Director General and Finance Director to implement the second share issuance 2008.
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