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VNG: Resolution of the BOD
Viet Nam Golf Tourism JSC (HOSE: VNG) announced the resolution of the Board of Directors dated October 18, 2011:
1. The Board of Directors unanimously approved the financial statements of the first nine months of 2011 and plans of VNG’s Managing Board for the last three months of 2011.
The Board of Directors unanimously approved to change the branch of VNG in Da Lat to VNG Da Lat Co., Ltd., and change the branch of VNG in Quang Nam to VNG Quang Nam Co., Ltd.
2. The Board of Directors unanimously approved to appoint Mr. Tran Thai Hoa, Head of VNG’s Board of Supervisors, and Mr. Ho Kien Cuong, VNG’s CEO, as representatives for VNG’s contributed capital and to participate in the Board of Directors of VNG AngKor in Cambodia
3. The Board of Directors unanimously approved to hasten the progresses of works which had been adopted in principle, including: withdrawing a part or all of funds in ineffective projects, seeking partners to transfer Golf Can Tho Hotel, fulfilling legal procedure for investment in Cozyna Angkor in Cambodia
Estimated implementation time: in November 2011
4. The Board of Directors unanimously approved the plan to use proceeds if the Company successfully transfers Golf Can Tho Hotel, as follows:
- Paying the Company’s debts;
- Completing the investment in Cozyna Angkor in Cambodia;
- Hiring or buying potential hotels in Hochiminh City or Hanoi City in order to expand Golf hotel series all over the country
- Paying dividends to shareholders;
- Buying back shares if stock price is lower than company value.
HOSE
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