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QNC: Results of Annual General Meeting of Shareholders 2009
Quang Ninh Construction and Cement JSC has disclosed the results of its Annual General Meeting of Shareholders. The following resolutions were approved:
1. Report of Operating result of 2008
- Revenue: VND 744.445 bil
- Profit before tax: VND 67.586 bil.
- Profit after tax: VND 54.683 bil.
- Charter capital: VND 125 bil.
- Payables to the State: VND 49.004 bil.
2. Plan in 2009
- Revenue: VND 870 bil
- Profit before tax: at least VND 40 bil.
- Profit after tax/owner’s equity: at least 30%
- Payables to the State: VND 48 bil.
- Dividend payout ratio: at least 20%
- Investment: cement grilling process capacity of 140 tons/h; construction in Phuong Nam, Uong Bi; construction of port in Cai Lan IZ
3. Report of Supervisory Board’s activities
4. Audited financial statement 2008 and profit distribution plan:
- Profit after tax: VND 50,195,160,648
- Reduced tax used to supplement the business capital: VND 900,726,000
- Dividend payment:
+ First round/2008: VND 18,636,000,000 (15% of charter capital of VND 125 bil.)
+ Second round/2008: VND 18,636,000,000 (15% of charter capital of VND 125 bil.)
+ Third round/2008: VND 8,750,000,000 (7% of charter capital of VND 125 bil.)
- Financial reserve fund: VND 1 bil.
- Reward and welfare fund: VND 1,275,000,000
- Business development fund: VND 400 mil.
- Remuneration for Management Board and Supervisory Board: VND 510 mil.
5. Payment for Board of Directors and Supervisory Board 2009: 1 – 1.5% of profit after tax 2009
6. Auditing company in 2009
- AASC Auditing and Accounting Consulting Company
7. Suspending the plan to repurchase treasury stock approved by AGM 2008 to use remaining share premium for operation development.
8. Dividend payment for third round 2008 by share to increase charter capital from VND 125 bil. to 133.75 bil. and listing of additional shares on HASTC.
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