|
BCEL held the first Annual General Shareholders’ Meeting
(Vietstock) – Banque pour le Commerce Exterieur Lao (BCEL) Thursday afternoon held the first Annual General Shareholders’ Meeting to change the operation model to a joint stock company and prepared for the listing on the Lao Securities Exchange (LSX) scheduled on January 11th, 2011.
This is the first ever Annual General Shareholders’ Meeting in this Southeast Asian nation. According to the reports released at the meeting, in 2010 BCEL reached revenue of 532.64 billion kip, of which 471.52 kip billion came from operating revenue and the rest from other operations.
At the same time, BCEL is expected to realize a before-tax profit of 191.87 kip billion and net profit of 124.72 billion kip.
The value of BCEL’s total asset as of 2010 end reached 8,800 billion kip and equity of 682.69 billion kip.
BCEL plans to increase the total asset in 2011 and 2012 to 14,077 billion kip and over 21,115 billion kip respectively. In addition, the after-tax profit is expected to climb to 187 billion kip and over 280.61 billion kip.
|
Some key financial indicators in 2010 - 2012
|
|
1 Kip = 0.0001229 USD, 1 Kip = 2.4200 VND (as of 06/01)
|
The meeting was attended by 975 shareholders, representing for 123,584,144 shares accounting for 90.49% of chartered capital. As a result of the meeting, the elected Board of Directors included Ms. Viengthong Syphandone – Chairman of BOD (Deputy Minister for Ministry of Finance and representative of state shareholder holding 80% of chartered capital); Mr. Sonexay Sitphaxay – Vice Chairman of BOD cum General Director; and Mr. Phouthanoupet Homsombath - Vice Chairman of BOD.
|
BCEL is one of the largest state-owned banks in Laos It was established in 1975 and became a full commercial bank in 1986. At present, the bank has 18 branches and 22 service units, employing about 900 staff nationwide.
An Auction Ceremony of BCEL shares held at Donchan Palce Hotel on December 23rd 2010 by Lane Xang Securities Public Company which acts as a broker for people wishing to subscribe and bid for shares in the commercial bank. The BCEL said 20.4 million shares were sold for a total amount of 121 billion kip and only 112 shares were left unsold.
The bank said its lowest price of the bidding day was 5,500 kip and the highest price was 50,000 kip ten times higher than its set price 5,000 kip. On average each share was sold at 5,910 kip.
|
Pictures on the first Annual General Shareholders’ Meeting of BCEL
Introduction on the Board of Chairman for the Meeting
Mr. Sonexay Sitphaxay - Vice Chairman of BOD cum General Director of BCEL
The meeting was attended by 975 shareholders, accounting for 90.49% of chartered capital
Some members of BOD, Board of Chairman and Consultant Company
Xuan Anh
|
