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SIC: Results of Annual General Meeting of Shareholders 2009
Song Da Investment - Development JSC has disclosed the results of its Annual General Meeting of Shareholders held on 16/04/2009. The following resolutions were approved:
1. Report of Opearting result of 2008
- Revenue: VND 95.281 bil.
- Profit before tax: VND 11.96 bil.
- Payables to the State: VND 13.084 bil.
- Average income: VND 6,639,000
2. Plan in 2009
- Total output: VND 105.286 bil
- Revenue: VND 133.467 bil.
- Profit before tax: VND 12.772 bil.
- Payables to the State: VND 13.397 bil.
- Average income: VND 5.4 mil.
- Profit/Revenue: 7.4%
- Profit/Charter capital: 25.5%
- Dividend payout ratio: 12%
- Investment to expand operation: VND 209.7 bil.
+ Song Da Tower VND 46.3 bil., KrongKma Hydro Power: VND 6.3 bil.
+ Assign the Board study, invest in projects: Song Da Riverside Hiep Binh Phuoc – Thu Duc – Ho Chi Minh City: VND 50 bil.; Nhon Trach – Dong Nai Urban Area: VND 50 bil. ; Hong Thai – Dan Phuong: VND 52 bil.; Concrete Plant: VND 18 bil., Suoi Xanh Hydro Power Project.
+ Seeking oportunity to invest in 10-20MW hydro power projects, urban areas, apartment in Ho Chi Minh City and surrounding areas.
3. Plan for 5 years
* Main targets in 2010:
- Total output: VND 342 bil
- Revenue: VND 313 bil.
- Payables to the State: VND 69 bil.
- Profit VND 74.4 bil.
- Investment: VND 528 bil.
* Main targets in 2015:
- Total output: VND 580 bil
- Revenue: VND 527 bil.
- Payables to the State: VND 52.7 bil.
- Profit VND 63.2 bil.
- Investment: VND 4,427 bil.
- Business line ratio 2015:
+ Construction: 7%
+ Industrial production: 18%
+ House and infrustructure trading: 74%
+ Other: 1%
4. Audited financial statement 2008 and profit distribution plan:
- Profit after tax: VND 11,960,022,958
- Exempted income tax used to supplement the Investment and Development Fund: VND 2,369,309,080
- Investment and Development Fund: VND 3,390,713,878
- Financial reserve fund: VND 600,000,000
- Reward and welfare fund: VND 600,000,000
- Dividend payment 2008 (10%): VND 5,000,000,000 in cash
- Remuneration for the Boards and Secretary: VND 192 mil.
5. Payment for Board of Directors and Supervisory Board 2009: VND 1.875 mil./member/month on average (8 member included).
6. Auditing company in 2009
- AASC Financial and Auditing Accounting Consulting Company
7. Issuing shares issued to increase Chater Capital from VND 50 bil. to 80 bil.:
- Issuing volume: 3,000,000 shares
- Charter capital to be increased: VND 30 bil.
- Purpose: supplementing capital to projects.
- The Board of Directors decides price, time and subjects of the issue.
8. Board of Directors:
- Mr. Nguyen Tri Dung
- Mr. Luu Huy Bien
- Mr. Doan The Long
- Mr. Nguyen Duc Dan
- Mr. Phan Thanh Diep
9. Supervisory Board:
- Ms. Tu Thi Minh
- Mr. Truong Van Son
- Ms. Nguyen Thi Bich Hanh
10. Amendmend of the charter:
- Article 5, item 9:
9.1. The company have to use minimum 70% total resource to invest in main business line. Total capital investment outside the company will not exceed the owner’s equity.
9.2. For investment in bank, insurance, securities, the company is entitled to invest one company for each field with the value not being excess 20% of the charter capital of company received capital contributions providing that capital contributions of holding company and subsidiary companies is not excess 30% of company received capital contributions.
9.3. The company will not contribute capital to risk investment funds, securities investment fund or securities investment company.
- Article 25:
3.d. Board of Directors has the right to raise capital for operation providing that debt/owner’s equity of the company will not be excess 3 times. In case of beyond this stipulation, General Meeting of Shareholders will decide.
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