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LCG: Resolution of the Board of Directors
Licogi 16 Joint Stock Company announced the resolution of the Board of Directors:
Article 1: Approving the business targets in quarter III/2010:
Net revenue of Licogi 16: VND143,000,000,000.
Profit after tax of Licogi 16: VND60,000,000,000.
Therefore, the cumulative profit until the end of Quarter III/2010 of Licogi 16 was expected about VND183,474,192,336 (87.37% of the year’s plan).
Article 2: Appointing Mr. Jean Eric Jacquemin, Technical Director of and a major shareholder of Licogi 16, to the Board of Directors.
Article 3: The Board of Directors unanimously proposed the Shareholders’ Meeting to cancel the convertible bond offering.
Reason of canceling the convertible bond offering: The Company borrowed another credit loan to finance projects which were adopted in the Shareholders’ Meeting on July 07, 2010.
The Board of Directors will ballot shareholders on canceling the convertible bond offering.
Article 4: 12.5-hectare Residential Area Project in Hiep Thanh Ward, District 12, Hochiminh City:
The Board of Directors authorized the Directorate to sign with a consulting firm so that the consulting firm surveys and provides advices about real estate situation in District 12.
Article 5: The Board of Directors approved a policy of transferring 1.1% of Licogi 16’s capital in Phuong Dong Biological Fuel Co., Ltd (*) to IDEMITSU.
Article 6: The Board of Directors approved the transfer of land and property at 49B Phan Dang Luu, Ward 7, Phu Nhuan District, Hochiminh City to Licogi 16 Mechanical Joint Stock Company (Licogi 16.M).
Article 7: This resolution takes effect from August 12, 2010.
(*)temporary translation.
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