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CG: Notice of extraordinary information
Vietnam Construction and Import-Export Joint Stock Corporation (Vinaconex., JSC) announced the extraordinary information as follows:
In recent days, there has been information on projects of VINACONEX such as North An Khanh, Cam Pha cement, Green city and increase in charter capital plan 2009. This kind of information may affect on VINACONEX share price, so as to protect interest of shareholders, Vietnam Construction and Import-Export Joint Stock Corporation confirms as follows:
1. North An Khanh New Urban Area Project:
North An Khanh new urban area project invested by An Khanh new urban development JV company (JV between VINACONEX and South Korea POSCO E&C, in which VINACONEX holding 50% of the charter capital). Ground clearance has been basically completed; design, infrustructure construction and marketing area has been carried out. The company expects to introduce and sell products of the project at the end of QII or at the beginning of QIII/2009.
Under the contract, VINACONEX will share profit and risk corresponding to the ownership ratio in the JV. At present, business plan of the project has not been approved. The company has not introduced and sold products of the project, and accordingly operating result has not been defined. At the present, partners in the JV could not define material benefits from this project.
2. Cam Pha Cement Project:
Cam Pha cement project invested by VINACONEX under the decision of the Government, has the capacity of 2.3 mil. tons/year with main plant in Quang Ninh and grind plant in Ba Ria Vung Tau. The company completed the investment in the project and main plant and grind plant came into operation. Under the direction of the Government, VINACONEX set up Cam Pha cement JSC, in which VINACONEX holds 99.5% of the charter capital, and project assets are being transferred the from VINACONEX to Cam Pha cement JSC. Currently, Cam Pha cement JSC and cement grind plant are operating well and supplying products for the domestic and foreign market.
To focus on main business of VINACONEX including construction and real estate trading, the Board of VINACONEX decided to restructure finance resources of Cam Pha cement JSC by decreasing VINACONEX’s equity in the company and looking for strategic investors in Viet Nam and abroad with finance power, experience in cement field and output and input markets. However, the company has not signed any agreement or decided any strategic investor up to now.
3. Green City Project:
The corporation confirms that it did not invest or intended to invest in any project with the name “Green city” mentioned in the document of SSC.
4. Increase charter capital 2009:
According to the charter capital increasing plan 2009 approved by AGM 2009, total volume of additional shares are sold to outstanding shareholders and staff of the corporation at VND 10,000/share. The issue will be realized once getting approval from SSC. The general mandate was publicized on the website (http://www.vinaconex.com.vn).
By this document, the corporation confirms that all activities of VINACONEX are in normal state. The corporation is ready to inform investors and shareholders in case of investing decisions.
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