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PVA: Results of Annual General Meeting of Shareholders 2010
PetroVietnam Nghe An Construction JSC has disclosed the results of its Annual General Meeting of Shareholders held on 20/3/2010. The following resolutions were approved:
1. Report of Opearting result of 2009
- Total output: VND 367.38 bil (116.2% of plan). increased 198.13% compared to 2008.
- Revenue: VND 274.3 bil (104.75% of plan). increased 158.4% compared to 2008
- Profit before tax: VND 30.46 bil (193.89% of plan). increased 415.2% compared to 2008
- Profit after tax: VND 26.65 bil (193.87% of plan). increased 422.4% compared to 2008
- Investment: VND 223.72 bil (76.67% of plan). increased 543.7% compared to 2008
2. Plan in 2010
- Total output: VND 1.039.29 bil
- Revenue: VND 974.39 bil
- Profit before tax: VND 96.12 bil
- Profit after tax: VND 72.09 bil
- Investment: VND 910.53 bil
3. Report of BOD’s activities in 2009 and plan for 2010.
4. Report of Supervisory Board’s activities and plan for 2010.
5. Report on on-going projects. and up-coming projects:
5.1 Real estate project:
a. Projects from 2009
- Hoang Mai Industrial Zone Project:
+ Total investment value: VND 812 bil.
+ Investment value in 2010: VND 397 bil
- Truong Thi Residental house Project:
+ Total investment value : VND 170 bil.
+ Investment value in 2010: VND 100 bil
b. Projects in 2010
- Cua Lo Resort Project (5 years)
+ Total expected investment value: VND 500 bil.
+ Investment value in 2010: VND 30 bil
- Hoang Mai Residental area:
+ Total expected investment value: VND 792.36 bil.
+ Investment value in 2010: VND 40.04 bil
- Commercial zone in Thai Hoa. Nghia Dan Project:
+ Total expected investment value: VND 120 bil.
+ Investment value in 2010: VND 51.71 bil
- Dong Hoi Industrial Zone Project:
+ Total expected investment value : VND 1.684 bil.
+ Investment value in 2010: VND 40.04 bil
- Residental Zone in Cua Lo Project:
+ Total expected investment value : VND 250 bil.
+ Investment value in 2010: VND 21.96 bil
- Residental House in Vinh City Project.
- Economic zone in Vung Ang
5.2 Investment in Industrial project
a. Projects from 2009
- Canh Sat Stone-pit Project:
+ Total investment value: VND 25 bil.
+ Investment value in 2010: VND 19.05 bil
- Vung Ang Concrete mixing plant:
+ Investment value in 2010: VND 1.05 bil
- Stone Exploiting and Processing in Thanh Ngoc stone-pit:
+ Investment value in 2010: VND 11.03 bil
b. Projects in 2010
- Equipment maitenance workshop and contractor’s yard in Hung Dong. Vinh City
+ Investment value in 2010: VND 3 bil
- Adobe brick Project in Hoang Mai Industrial zone - Nghe An:
+ Total investment value: VND 40 bil.
+ Investment value in 2010: VND 20.32 bil
5.3 Investment project in capacity improvement of constructional equipment
a. Projects from 2009 with total investment value: VND 7.3 bil.
b. Projects in 2010 with total investment value of VND 82.04 bil
5.4 Financial invesment: with total investment value of VND 46 bil
5.5 Investment in transportation with total investment value of VND 4,575.3 bil
6. Amendment of company’s charter.
7. Profit distribution plan of 2009
- Apportion for Development Investment Fund: VND 6,13 bil
- Apportion for Financial Provision Fund: VND 6,13 bil
- Apportion for bonus and welfare Fund: VND 4,4 bil
- Dividend payment: VND 10 bil (10% of charter capital)
8. Salary for BOD and Supervisory Board in 2010.
9. Selection of Auditing company.
10. Discharge of member of BOD and Supervisory Board:
- Mr. Hoang Van Thang has been resigned from Director.
- Ms. Le Thi Thuy Ha has been resigned from member of Supervisory Board.
- Mr. To Van Tam has been appointed Director
- Mr. Nguyen Hong Trieu has been appointed Member of Supervisory Board.
11. Seasoned issue to increase charter capital from VND100 bil to VND 500 bil:
- Placement to outstanding shareholders
+ Offering volume: 29,500,000 shares
+ Offered price: VND 10,000 /share
+ Total par value: VND 295,000,000,000
+ Exercise rate: 1 : 2.95 (Shareholders are entitled to buy 2.95 new shares for every 1 share they owned)
- Placement to employees:
+ Offering volume: 500,000 shares
+ Offered price: VND 10,000 /share
+ Total par value: VND 5,000,000,000
- Placement to strategic shareholders:
+ Offering volume: 10,000,000 shares
+ Offered price: VND 12,000 /share
+ Total par value: VND 120,000,000,000
- Use of capital gains: VND 20 bil: increase charter capital.
- Use of proceeds: VND 400 bil will be distributed in the following projects:
+ Hoang Mai Industrial Zone Project: VND 19,8 bil
+ Truong Thi Residental house Project: VND 40 bil
+ Cua Lo Resort Project: VND 10 bil
+ Hoang Mai Residental area: VND 30 bil
+ Commercial zone in Thai Hoa. Nghia Dan Project: VND 30 bil
+ Dong Hoi Industrial Zone Project: VND 20 bil
+ Residental Zone in Cua Lo Project: VND 15.96 bil
+ Residental House in Vinh City Project: VND 30 bil
+ Economic zone in Vung Ang: VND 0.75 bil
+ Canh Sat Stone-pit Project: VND 9.7 bil
+ Stone Exploiting and Processing in Thanh Ngoc stone - pit: VND 2.78 bil
+ Equipment maitenance workshop and contractor’s yard in Hung Dong. Vinh City: VND 1.2 bil
+ Adobe brick Project in Hoang Mai Industrial zone - Nghe An: VND 10 bil
+ Transportation project: VND 1 bil
+ Investment project in capacity improvement of constructional equipment: VND 32.82 bil
+ Financial investment project: VND 46 bil
+ Working capital: VND 100 bil.
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