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SMT: Results of annual general meeting of shareholders 2011
Sam Cuong Material Electric and Telecom Corporation (HNX: SMT) has disclosed the results of its annual general meeting of shareholders held on 25/03/2011. The following resolutions were approved:
1. Audited financial statement 2010:
- Net sales: VND 49,416,914,490
- Profit before tax: VND 4,619,222,159
- Profit after tax: VND 4,242,976,212
2. Dividend payout ratio and Setting up funds in 2010:
- Accounting profit before tax: VND 4,619,222,159
- Income tax payable: VND 376,245,947
- Net profit after tax: VND 4,242,976,212
+ Finance Reserve Fund: VND 212,000,000
+ Social Fund: VND 42,400,000
+ Investment & Development Fund: VND 212,000,000
+ Dividend payment (12%): VND3,159,472,200
+ Bonus and welfare fund: VND 617,104,012
3. Payment to the Board of Directors and Supervisory Board in 2010:
- Total salary fund 2010: VND 5,999,423,477
- Total remuneration 2010: VND 512,010,137
4. The operating report of Supervisory Board in 2010
5. Plan for 2011:
- Operating Plan in 2011:
+ Net sales: VND 65.00bil.
+ Profit before tax: VND 5.70bil.
+ Profit after tax: VND 4.80bil.
+ Accumulated Depreciation: VND 3.33bil.
+ Unit salary price: VND539 per VND1,000 of Accounting profit before salary.
+ Remuneration for the Board of Directors, Supervisory Board and Secrectaries: VND46 per VND1,000 of Accounting profit before salary
- Investing Plan in 2011:
Project from 2010: USD180,000
New project in 2011:
+ Light van: USD20,000
+ CPS production pattern: VND1,000mil
6. The BOD is authorized to select auditor for Financial Statement 2011 from the following list.
- Viet Nam Auditing And Accounting Consultancy Company (AVA)
- Nam Viet Financial Accounting and Auditing consultancy Limited Company (AASCN)
- IFC-ACA Group
7. Second dividend payment 2010 by share
- Seasoned issue of 165,947 shares to pay dividend second round 2010.
- Exercise rate: 6% (Shareholders receive 6 new shares for every 100 shares they own). The odd lot shares will be paid in cash.
- Exercise time: In 2011
- Resource for payment: net profit after tax 2010
8. Amendment in the Company’s Charter in Article II Item 5 Point 1: Charter capital, Share, Founding shareholders.
9. Approval rate: 100%
10. The BOD, Management Board are responsible for carrying out these tasks.
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