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QNC: Results of Annual General Meeting of Shareholders 2010
Quang Ninh Construction and Cement JSC has disclosed the results of its Annual General Meeting of Shareholders held on 5/5/2010. The following resolutions were approved:
1. Report of Operating result of 2009
- Revenue: VND 960.63 bil
- Profit before tax: VND 83.74 bil
- Payment to State budget: VND 34.95 bil
2. Plan in 2010
- Revenue: VND 1,172 bil
- Profit after tax: more than VND 60 bil
- Payment to State budget: VND 50 bil
- Dividend payout ratio: >30%
3. Investment plan in 2010:
- Focus on trading of land unsold in Cam Binh Urban area Project, Cam Pha town; Ha Phong Ward Urban area, Ha Long city and Phuong Nam. Carried out Yen Thanh Urban area Project. Investment in Phuong Nam Urban area project to prepare for the construction of Phuong Nam Industrial Zone.
- Implement following phases of Lam Thach II Cement Factory’s Production expansion project and Cai Lan Industrial zone project.
- Prepare for the invesment in Residual heat Power generation factor in Lam Thach II cement Factory.
4. Activities report of the BOD in 2009 and plan for period 2010-2015:
- Annual growth rate: 10-15%
- Dividend payout ratio: >25%
5. Approval of Seasoned issue plan to increase charter capital from VND 170.907 bil to VND 500 bil (Completed in 2015). Assign the BOD to define the itinerary base on operating performance and investment plan, decide on timeline, method of issuance, amendment of company’s charter, change of busisness registration certificate, depostory and listing of additional issued shares, and other issues related to the placement.
6. Assign the BOD to decided on the change of company name to Corporation, timeline and necessary procedures to complete the change of company name.
7. Activities report of the Supervisory Board in 2009 and plan for 2010-2015
8. Audited FS report in 2009
9. Profit distribution plan for 2009:
+ First dividend payment (15% of charter capital VND 133.694 ): VND 19,940,233,500
+ Second dividend payment (10% of charter capital VND133.694): VND13,293,489,000
+ Third dividend payment (10% of charter capital VND 170.907): VND17,014,700,000
+ Financial reserve fund: VND 6,801,000,000
+ Reward and welfare fund: VND 6,200,000,000
10. Payment for Board of Directors and Supervisory Board in 2009 and plan for 2010
11. Choosing AASC as auditor for auditing the Company’s 2010 financial statement
12. Assigned the BOD to decided on the dividend payment to shareholders annually.
13. Authorized the BOD to set up a bonus shares fund to rewards key employees of the company.
14. Amendment of the company’s management regulation
15. BOD term 2010-2015:
- Mr. Cao Quang Duyet
- Mr. Pham Van Chinh
- Mr. Dinh Duc Hien
- Mr. Pham Van Dien
- Mr. Linh The Hung
- Mr. Nguyen Truong Giang
- Ms. Dao Thi Dam
16. Supervisory Board term 2010-2015:
- Mr. Hoang Van Thuy
- Mr. Tran Quang Tinh
- Mr. Nguyen Ngoc Anh
17. First meetings of BOD and Supervisory Board has voted for Chair of the Board and Chief of SB as follows:
- Mr. Cao Quang Duyet has been appointed Chair of the Board term 2010-2015
- Mr. Hoang Van Thuy has been appointed Chief of Supervisory Board term 2010-2015.
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