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VC2: Results of Annual General Meeting of Shareholders 2008
Vietnam Construction JSC No. 2 has disclosed the results of its Annual General Meeting of Shareholders held on 18/04/2009 . Participants were 114 representing 4,238,172 shares (accounting for 78.67% of total voting rights).The following resolutions were approved:
I. Operting results of 2008 and plan for 2009:
1. Operating results of 2008:
|
No. |
Main indicators |
Unit |
Plan 2008 |
Completed 2008 |
% change |
|
1 |
Production |
VND mil. |
539,610 |
854,211 |
158.30% |
|
2 |
Total revenue |
VND mil. |
480,761 |
651,836 |
135.58% |
|
3 |
Profit before tax |
VND mil. |
42,000 |
42,748 |
101.78% |
|
4 |
Dividend payment
(over charter capital) |
% |
18 |
18 |
100% |
2. Plan 2009:
|
No. |
Main indicators |
Unit |
2008 |
Plan 2009 |
% change |
|
1 |
Production |
VND mil. |
854,211 |
806,396 |
94.40% |
|
2 |
Total revenue |
VND mil. |
651,836 |
680,480 |
104.39% |
|
3 |
Profit before tax |
VND mil. |
42,748 |
40,000 |
93.57% |
|
4 |
Dividend payment
(over charter capital) |
% |
18 |
18 |
100.00% |
In case profit before tax of 2009 exceeds the plan and the year 2008, the managerment board and key members will get bonus equaling 30%*(profit before tax 2009 - profit before tax 2008)
Investment in 2009
- The Head office and Office for lease Project at 52 Lac Long Quan-Tay Ho-Hanoi.
- New urban quater Kim Van - Kim Lu, Dai Kim, Hoang Mai.
- Residential apartment for lease at Quang Minh - Me Linh – Hanoi
- Apartments for sale at Xuan Hoa - Vinh Phuc.
- Residential apartments at Dong Ngac - Tu Liem - Hanoi.
- BT Project in Long Bien – Hanoi
- Hung Yen Industrial zone
- Investment in machines and equipment
II. Report of the Board of Director term 2003-2008
1. Operating results 2003-2008 :
|
No. |
Indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
|
1 |
Total production |
170,259,000 |
227,313,000 |
291,269,000 |
414,847,000 |
539,610,000 |
854,211,000 |
|
2 |
Total revenue |
168,672,615 |
181,498,883 |
231,625,101 |
393,259,936 |
460,567,181 |
651,836,178 |
|
3 |
Profit before tax |
4,864,872 |
9,587,218 |
12,524,603 |
27,765,719 |
42,665,661 |
42,748,746 |
|
4 |
Depreciation |
4,689,661 |
5,014,086 |
5,764,000 |
4,951,000 |
5,488,000 |
5,556,000 |
|
5 |
Payables to the State |
3,327,429 |
4,761,890 |
34,811,000 |
44,004,822 |
59,027,000 |
|
|
6 |
Average income (per person per month) |
1,277 |
1,378 |
1,810 |
1,900 |
2,410 |
3,500 |
|
7 |
Charter capital |
9,554,050 |
10,000,000 |
11,185,200 |
20,000,000 |
32,050,000 |
58,739,650 |
|
8 |
Owner’s equity |
9,554,050 |
15,492,669 |
30,700,753 |
48,815,777 |
102,499,593 |
158,339,899 |
|
9 |
Dividend |
|
15% |
17% |
17% |
17.5% |
18% |
III. Audited financial statement 2008 and profit distribution 2008
Financial statement 2008 is audited by A&C Company.
Profit distribution 2008:
|
No. |
Items |
Unit |
Amount |
Note |
|
1 |
Accounting profit |
VND |
42,748,746,278 |
|
|
2 |
Income tax |
VND |
8,415,891,431 |
|
|
3 |
Profit after tax 2008 |
VND |
34,332,854,847 |
|
|
4 |
Retained earnings of 2007 |
VND |
4,807,196,774 |
|
|
5 |
Investment and Development Fund
(from reduced income tax)
Where: Year 2007
Year 2008 |
VND |
7,923,005,932 |
3,513,592,505
4,409,413,427 |
|
6 |
Dividend payment |
VND |
9,928,347,000 |
18% of
charter capital |
|
7 |
Other funds: |
VND |
21,288,698,689 |
|
|
|
- Investment and Development fund |
VND |
8,941,253,447 |
|
|
|
- Financial reserve fund |
VND |
638,660,961 |
|
|
|
- Bonus fund |
VND |
5,322,174,672 |
|
|
|
- Welfare fund |
VND |
2,535,061,667 |
|
|
|
- Human resource fund |
VND |
425,773,971 |
|
|
|
- Bonus for BOD, Supervisory Board |
VND |
425,773,971 |
|
|
|
- Retained earnings |
VND |
3,000,000,000 |
|
IV. Remuneration for the Board of Directors and Supervisory Board 2009.
+ Board of Directors: VND 2,000,000 person/month
+ Supervisory Board: VND 1,000,000 person/month
Payment is made quaterly.
V. Report of Supervisory Board and selection of auditor for 2009.
The BOD is assigned to select the auditor for 2009.
VI. Bonus share issue to increase charter capital from VND 58,739,650,000 to VND 80 billion:
* Stock name: Vietnam Construction JSC No. 2
* Stock type: Common stock
* Total volume to be issued: 2,126,035 shares
* Total par value to be issued: VND 21,260,350,000
* Purpose of the issue: Bonus shares for outstanding shareholders to increase charter capital.
* Charter capital after the issue: VND 80,000,000,000
* Resources: Paid-in capital from the fundraising in 2007 which increased the charter capital from VND 20 billion to 32.05 billion; and Investment and Development fund.
|
Resources |
44.845.478 |
|
Investment and Development fund. |
35.327.034 |
|
Paid-in capital from the fundraising in 2007 |
9.518.444 |
|
Total paid-in capital from the fundraising in 2007 |
|
|
Paid-in capital used to supplement working capital
(68.1% total paid-in capital) |
9.518.444 |
* Subject of the issue: shareholders in the list recorded on the record date.
* Allotment principle:
+ Allot bonus shares with outstanding shareholders with exercise rate 100:36,19 (on the record date, shareholders are entitled to get 36.19 new shares for every 100 shares they own)
+ Owners of shares under transfer restriction still get bonus shares and these bonus shares are not under transfer restriction.
Relate to odd shares: number of shares under units digit will be bought back pro rata by the company.
* Exercise time: to be decided by the BOD
Plan to list the new shares in the bonus issue on HaSTC.
VII. Board of Directors and Supervisory Board, term 2009 -2014:
Board of Directors
- Mr. Do Trong Quynh
- Mr. Vu Quy Ha – Chair of the Board
- Mr. Phan Vu Anh
- Mr. Tran Dang Loi
- Mr. Lo Hong Diep
Supervisory Board
- Mr. Dang Thanh Huan – Chair of the Board
- Mr. Nguyen Van Hai
- Mr. Nguyen Viet Cuong
hastc
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