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HBB: Results of annual general meeting of shareholders 2011
Hanoi Building Commercial Joint Stock Bank (HNX: HBB) has disclosed the results of its Annual General Meeting of Shareholders. The following resolutions were approved:
1. Report of Board of Directors about 2010 operation result and 2011 operation plan
- 2010 Operation result:
+ Income: VND 1,264,328 billions
+ Operation costs: VND 662,531 billions
+ Profit before tax: VND 601,797 billions
+ Income tax payable: VND 125,476 billions
+ Profit after tax: VND 476,321 billions
- 2011 Operation plan:
+ Total assets: From VND 45,500 billions to VND 46,500 billions
+ Issuance of convertible bonds: VND 960 billions
+ Wholesale financing: From VND 40,000 billions to VND 41,000 billions
+ Total account outstanding: From VND 22,000 billions to VND 23,000 billions
+ Fees and commission income (% of total revenue): From 20% to 25%
+ Profit before tax: From VND 700 billions to VND 750 billions
+ ROE before tax: 18%
+ ROA before tax: 1.5%
+ Rate of Overdue debt: < 3%
+ Expected dividend payment: From 14% to 16%
+ Branch network: 89 places for transaction
+ Bank ranking: A
2. Audited financial statement and Profit distribution plan, dividend payment, labour charges and Remuneration for the Board of Directors and Supervisory Board 2011
- Profit distribution plan 2010:
+ Profit after tax: VND 476,321 millions
+ Retained earnings of previous year: VND 84,222 millions
+ Fund deductions: VND 69,936 millions
+ Dividend: VND 360,000 millions
+ Retained earning: VND 130,607 millions
- Total labour charges with maximum of VND 250 billions/year; Remuneration for the Board of Directors and Supervisory Board with maximum less than 1% of profit of 2011
3. Approving report of Supervisory Board
4. Plan of issuance of convertible bonds:
- Information on convertible bonds:
+ Name of bond: Convertible bond of Hanoi Building Commercial Joint Stock Bank
+ Par value: VND 100,000 per bond
+ Bond type: Convertible bond
+ Number of bonds to be converted into shares: 9,600,000 bonds equivaling to VND 960 billions
+ Coupon rate paid: Board of Directors is authorized to decide interate rate
+ Interest term: Interest on loans is paid once at maturity and convertin bonds into shares
+ No tranfer restriction excepted for tranfer of foreign investors
+ Exercise rate: 1: 100 (Bond with par value of VND 100,000 converts into 10 common shares with par value of VND 10,000)
+ Expected exercise date: Quarter II of Quarter III of 2011
- Price and plan of issuance of convertible bonds:
+ 9,600,000 bonds for outstanding shareholders
+ Rate of bond offering for outstanding shareholders: 3.2% of outstanding shares at record date for list of shareholders with charter capital of VND 3,000 billion
+ Issue price: VND 100,000 per bond
- Board of Directors is authorized to decide contents related to issue plan
- Use plan of capital: Supplementing capital and extending operation
5. Increasing charter capital from convertible bonds, depositing and listing all of additional shares on HNX
- Increase charter capital from VND 3,000 billion to VND 4,050 billion
- Method of capital increase: Converting 10.5 billion bonds to common stock, equivalent of 1,050 billion of per bond
- Expected exercise date for conversion: 27/08/2011
- Use plan of additional capital: Suplementing capital and extending operation
- Depositing number of bonds at Viet Nam Securities Depository
- Board of Directors is authorized to decide related contents
6. Approving plan of capitalization of Hanoi Building Commercial Joint Stock Bank
- Converting Hanoi Building Commercial Joint Stock Bank from model of limited company to joint stock company
- Charter capital of HBBS after conversion: VND 150 billion
- Ownership structure after conversion:
+ Habubank: 11%
+ Outstanding shareholders of parent Habubank: 49%
+ Managers and staffs: 40%
- Share price:
+ For Habubank: VND 10,000 per share
+ For Managers and staffs: VND 10,000 per share
+ For outstanding shareholders: VND 10,000 per share
7. Expected end date for conversion: In 2011.
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