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KBC: Results of annual general meeting of shareholders 2008
Kinh Bac City Development Share Holding Corporation has disclosed the results of its Annual General Meeting of Shareholders held on 19/01/2009. The following resolutions were approved:
1. Cancel the plan to increase the Charter Capital which was approved by Annual General Meeting of Shareholders on 27/04/2008.
2. Approve the plan for an issue of bonus shares and dividend payment in 2008 by share for shareholders.
- Stock type: Common stock
- Par value: VND 10,000
- Subject: shareholders recorded on the shareholder list
- Method: shares issued will be allocated through the exercise of rights
- Rate: 2:1 ( shareholders receive 1 share for every 2 shares they own)
In which:
+ Bonus shares for outstanding shareholders:
Exercise rate: 30%
Resources: share premium from the offering of 20 million shares for capital increase.
+ Dividend payment by share of 2008 for outstanding shareholders:
Dividend payout ratio: 20%
Resource: the Company’s retained earnings as of the issue time.
- The number of shares shareholder receive is rounded down to unit digit. The company will repuchase odd shares for treasury stock with the price equalling par value iVND 10,000 per share.
- Expect exercise time: QI.2009
- Application for additional listing and Depositorty for additional securities registration: All the bonus shares and new shares issued will be registered for addiotional listing at HASTC and deposited at Vietnam Securities Depository.
- The Board of Directors is assigned to do the followings:
+ Make a clear a seasoned issue plan, chose right time, make sure the shareholders and company will get optimal benefits
+ Carry out necessary procedures for the issue, listing on HASTC and depository at VSD of new shares.
3. Approve the plan of private placement of 20 million shares to increase Charter Capital:
- Stock type: Common stock
- Par value: VND 10,000
- Number of offering shares: 20,000,000 shares
- Total par value of offering shares: VND 200,000,000,000
- Method: private placement ( for less than 100 investors)
- Expected offering price: The Board of Dictors will decide the price based on the market and negotiation with each investor but not below the book value at the time of issuing.
- Expected time:to be decided by the Board of Directors
- Subject of the private placement: The Board of Directors will decide the investors and the volume of shares to be sold to each investor.
- Plan to use the proceeds: the poceeds will be used to finance incoming activities of the company
- The new shares will be registered for depository at Vietnam Securities Depository and addiotional listing at HASTC.
- The remaining shares after the offering will be handled by the Board of Directors.
- The Board of Directors are assigned to:
+ Choose the right time, decide the offering price, set the criteria for choosing the investors
+ Carry out necessary procedures for the issue, listing on HASTC and depository at VSD of new shares.
+ Decide the plan for the remaining shares after the offering
+ Decide the detailed plan to use the proceeds.
4. Approve the Plan for 2009.
HaSTC
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