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Shareholders meet, map business goals
Shareholders of Saigon Securities Inc. (SSI) and Tan Tao Investment and Industry Corporation, both listed at the HCM City Stock Exchange, approved development goals at their respective annual meetings last week.
The SSI plans to raise new funds for its fund management company of around US$10 million.
Its SSI Assets Management Company currently manages VND2.334 trillion (US$129.6 million) in assets, and is one of the seven leading managing firms with large assets.
Last year it did not reach its goal of a 15 per cent increase in net asset value, but still proved to be a securities firm with a good performance.
SSI net asset value fell almost 6 per cent due to the stock market fall, compared to the average decline of 40 per cent of other funds, according to Deputy General Director Nguyen Hong Nam.
Last year it achieved a turnover of VND1.136 trillion that yielded VND250.5 billion in net profit.
Its shareholder annual meeting agreed to the goal of VND261 billion for this year. In the first quarter, it reached VND36 billion.
In an unrelated development, the Tan Tao Investment and Industry Corporation (ITACO) will try to gain a modest turnover of VND1.1 trillion, around the level of 2008 due to the impact of the global crisis.
Net profits are expected at VND300 billion, compared to last year's figure of VND295 billion.
In the fourth quarter, ITACO will complete two apartment buildings in its two industrial parks of Tan Duc in Long An Province and Tan Tao in HCM City that will be leased to 2,000 workers.
An office building and a water treatment plant will also be finished this year in Tan Duc.
Chairwoman Dang Thi Hoang Yen said land clearance for hundreds of hectares would be carried out this yeas for projects, including a stone mining and cement factory project in the north and an entertainment area in Tan Duc Urban Area.
vietnamnet, vietnamplus
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