|
HRC: Resolution of the 2008 annual shareholders’ meeting
Hoa Binh Rubber Joint Stock Company (HORUCO) has informed of resolution of the 2008 annual shareholders’ meeting as follows:
1. Passing business result in 2008
* Exploitation output: 5,662.686 tons, reaching 101.12% of plan
* Total sales: VND289,976,006,972
* Profit before tax: VND88,024,588,826
2. Passing plan for 2009
2.1 Operation in 2009:
* Exploitation output: 5,000 tons
* Consuming output: 6,300 tons
* Average selling price: VND22 million/ton
* Total sales: VND161,600,000,000, in which sales of rubber: VND138,600,000
* Total profit before tax: VND40,623,182,000
2.2 Long-term investment:
* The company continues to invest to ongoing projects of planting rubber trees in Dong Nai province. Investment cost of VND42,940,000,000 is used for the following projects:
* Long Khanh Industrial Zone JSC: raising chartered capital from VND60 billion to VND120 billion. HORUCO holds 19% of capital, equivalent to VND22,800,000,000 (contributed amount: VND7,220,000,000, remaining amount for 2009: VND15,580,000,000).
* Viet Lao rubber JSC: raising chartered capital from VND400 billion to VND600 billion. HORUCO holds 15% of capital, equivalent to VND90 billion (contributed amount: VND79 billion, remaining amount for 2009: VND11 billion)
* Lai Chau rubber JSC: HORUCO had contributed VND6,018,000,000; remaining amount for 2009: VND15,360,000,000.
* Binh Long – Ta Thiet rubber JSC: HORUCO holds 10% of capital, equivalent to VND3 billion (contributed amount: VND600 million; remaining amount for 2009: VND1 billion)
* Dong Nai wood processing JSC: HORUCO is in progress of contributing capital with total investment cost of VND4.5 billion.
* Planting rubber trees overseas: HORUCO cooperates with the Ba Ria rubber company to set up a company of planting rubber trees in Lao or Cambodia with area of 10,000 hectares and chartered capital of VND160 billion. HORUCO contributes a maximum of 40% of capital, equivalent to VND64 billion.
3. Distribution of profit after tax of 2008:
* Dividend payment in 2008: VND51,482,910,000
* (Pay-out ratio: 30%)
* 100% exemption of corporate tax: VND13,892,047,132
* The tax exemption is added to the fund of development investment:
* Deducting for the development investment fund: 10% of profit after tax, VND7,413,000,000.
* Deducting for the reward and welfare fund: 15% of profit after tax, VND11,120,000,000
* Remained profit: VND4,116,631,694
4. Compensation for the BOD and Supervisory Board for 2008: VND184,800,000 (0.2% of profit)
5. Plan of setting up funds and dividend payment in 2009:
* Compensation for the BOD and Supervisory Board:
* Business result exceeds profit plan: compensation is 0.5% of profit
* Business result is under profit plan: compensation is 0.35% of profit
Compensation for each member is decided by the BOD.
* Deduction for funds and dividend payment: VND40,623,182,000
* Development investment fund (10%): VND3,383,720,000
* Compulsory reserve fund:
- Reward and welfare fund: VND5,075,580,000
- Dividend payment (20%/chartered capital): VND34,321,940,000
(The company may use the remaining funds of 2008 to pay dividend: VND2,158,058,000)
The remaining fund of VND52,725,999,375 is reserved for business result next year and supplemented to investment fund.
6. Authorizing the BOD to choose an auditing company for 2009.
hose
|
