VIT: Results of General Meeting of Shareholders 2010

Viglacera Tien Son JSC has disclosed the results of its General Meeting of Shareholders held on 31/03/2010. The following resolutions were approved:

1. Audited financial statement 2009

2. Profit allocation 2009

- Profit after tax: VND 14,675,209,770

- Compulsory reserve fund: VND 733,760,489

- Welfare and reward fund: VND 733,760,489

- Investment and development fund: VND 2,806,688,792

- Bonus to the management and assistants of BOD: VND 1,298,000,000

- Dividend payment: VND 9,000,000,000 (20% of the charter capital)

- Allowance for the Board of directors: VND 103,000,000

3. Allowance for the Board of directors, Supervisory Board:

VND 220 mil. 

4. Plan 2010:

- Profit before tax: VNd 20 bil.

- Fix asset depreciation: VND 28 bil.

- Average income: VND 4.2 mil./person/month.

- Account receivable as of 31/12/2010: VND 30 bil.

5. Investment and period repair:

*Investment:

- Expanding furnace of Assembly line No.1 to increase capicity

- Equipment

- New Granite Viglacera factory: VND 112.9 bil.; capacity 1,500,000 m2/year

* Period repair, maintainance: Equipment, stations

6. Allowance for the Board of directors, Supervisory Board 2010:

- Board of Directors: VND 5,000,000/person/month

- Chief of Supervisory Boardd: VND 3,000,000

- Member of Supervisory Board: VND 2,000,000/person/month

7. Bonus to the management board:

- In case, profit before tax 2010 achieves VND 20 bil. the company will award the management board 50% of the excessive profit (Bonus will be taken from profit after tax of the company).

8. Dividend payout ratio 2010: No less than 15% of the charter capital.

Issue 5,400,000 shares to outstanding shareholders to increase charter capital from VND 45 bil. to VND 99 bil. and listing of additional shares on HNX. Issue plan:

Stock type: Common stock

Par value: VND 10,000/share.

Total volume of share to be issued: 5,400,000 shares

Subject: Outstanding shareholders

Exercise ratio: 1: 1.2

Price: VND 11,300/share

Plan to use the proceeds: Investment granit factory and equipment.

hnx

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