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PHC: Results of Annual General Meeting of Shareholders 2010
Constrexim - Phuc Hung Investment Construction and Import - Export JSC has disclosed the results of its Annual General Meeting of Shareholders held on 24/4/2010. The following resolutions were approved:
1. Approval of 2009 Audited Financial statements and Audited consolidate Financial statements.
2. Report of Management Board, BOD and Supervisory Board in 2009.
3. Profit distribution plan for 2009:
- Production Development Fund (10%): VND 834,261,915
- Financial reserve fund (5%): VND 417,130,746
- Reward and welfare fund (5%): VND 417,130,746
- Remuneration for the BOD and Supervisory Board (4%): VND 333,704,597
- Bonus to the BOD and Management Board: VND 560 mil
- Dividend payout ratio of 2009: 15%
- Retained earnings apportion to:
+ Charter capital supplemented Fund: VND 364,483,404
+ Financial reserce fund: VND 364,483,404
4. Operating plan for 2010
- Revenue: VND 935 bil
- Profit after tax: VND 27.5 bil
- Minimum dividend payout ratio: 16%
- Main tasks of the BOD and Management Board in period 2010-2015:
+ Focus on construction
+ Real estate investment to bring in substantial profit
+ Research on potential projets for further expansion of the company’s operation and business lines.
5. Remuneration for the BOD and Supervisory Board in 2010: 4% of profit after tax of 2010’s operating results.
6. Assigning the Board of Directors to choose auditor for auditing the Company’s 2010 financial statement
7. Change in company name:
- New Vietnamese name: Công ty Cổ phần Phục Hưng
- New English name: Phuc Hung Corporation.
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