SMC: Business report

SMC Investment Trading JSC (HOSE: SMC) announced the resolution of the Board of Directors dated October 01, 2011:

• The Board of Directors unanimously approved to extend the investment period in SMC Hiep Phuoc Project because of below reasons:

• The traffic from Tan Thuan Port, Lotus, Khanh Hoi….to Hiep Phuoc has been still inconvenience, cost many expenses and not proved its logistic role in order to serve import and export activities

• At present, Hiep Phuoc Port is used to serve container carriers, while iron and steel traded by SMC are mainly transported by bulk carriers. Besides, Hiep Phuoc Port has not been convenience and attractive for carriers

• The expense to build infrastructure and foundation for the project has increased sharply and been very difficult to gain effects as expected, especially in the current difficult economy with high interest rates.

HOSE

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