The annual meeting of shareholder 2013 of Song Da 5 Joint Stock Company was hold on at the Head Office, Block B – HH4 Building, Song Da – My Dinh Urban Zone, Tu Liem, Hanoi on June, 24th 2013.
To be present at the meeting, there were 71 shareholders accounting for 7.554.780 shares corresponding to 83,92 % of charter capital. In addition, Mr. Kim Manh Ha - Deputy General Director of Song Da Corporation and other Representatives of Banks, Audit Companies, Securities Companies and other Partnerships also attended the meetings.
Mr.Kim Manh Ha – Deputy General Director of Song Da Corporation (right) giving speech in the meeting
In 2012, Vietnam economy was still in the recession period with macroscopic economic policies which managing and tightening the monetary. Moreover, lending interest rate was high which caused a lot of difficulties for enterprises in general and construction companies in particular. In fact, lots of Management Boards, Employers was unable to ensure the budget to making payment to its Contractors. Therefore, debt and delays in payment was a common phenomenon in construction field. In this situation, the Management Board and Board of Directors of Song Da 5 actively took measures to overcome economic crisis, adjust capital loan contract, reduce construction cost and improve workability of manpower and effectiveness of construction equipment…, boosting the payment work in main projects such as: Son La Hydropower, Lai Chau Hydropower, Song Bung 4 Hydropower, Dackring Hydropower…. Based on such effective measures, Song Da 5 gained some remarkable achievements such as total revenue: 1,153 billion VND accounting for 113%, profit before tax: 36.8 billion VND corresponding to 73%, dividend payout ratio: 18% account for 133%, average personal income: 6.1 million VND accounting for 105% of the target set in Annual Meeting of Shareholders 2012.
Shareholders attending the meeting appreciated the business result of Song Da 5 in 2012 with many outstanding criteria which meet or exceed the expected plan. Many dedicated shareholders shared their opinions, gave financial plans, methods for effective management and utilization of construction equipment and tools…, introduce prestigious international audit companies for being in charge of audit the financial statement of Song Da 5 which shall demonstrate the financial capacity to foreign partners. Mr Vu Khac Tiep - The Chief of Management Board gave a speech of financial issues in 2012 and capital reduction in some project invested by Song Da 5 and asking the shareholders to vote. With cooperation and self - motivated spirit and enthusiasm of learning, Mr.Tran Van Huyen - CEO made a presentation of strategic issues relating management work during the past year and report of business activities and construction schedule of Lai Chau Hydropower Project, Song Bung 4 Hydropower Project, Dackring Hydropower Project…, the RCC production work and profit rate gained from Lai Chau Hydropower Plant. His presentation is very detailed and scientific with factual data which get the belief and consent of shareholders.
Shareholders set business plan in 2013 with expected revenue: 1,345 Billion VND, Profit before tax: 67.2 Billion VND, dividend payout rate: 15%. Especially, all shareholders highly agreed with the plan of charter capital increase from 90 Billion VND to 180 Billion VND which proposed by the Board of Management. With this plan, the existing shareholders shall gain benefits from bonus shares. Shareholder, owing 01 share, shall be distributed 01 bonus shares. The belief shall be duplicated providing that shareholders believe in development strategy of Song Da 5.
In the meeting, Mr. Kim Manh Ha – Deputy General Director of Song Da Corporation announced that Song Da Corporation acknowledged the efforts and achievements of Song Da 5, the creativeness of Song Da 5’s personnel and leaders in ensuring the capital and manpower’s rights. He appreciated changes with basic nature of Song Da 5 during the past time. For example, Song Da 5 cooperated with Russia to implement the Nuclear Plant Project and signed MOU with Korean companies and he emphasized that in the future, it should be to find opportunities to cooperate with Japanese companies which has high rate of ODA capital in Vietnam.
The Annual Meeting of Shareholders 2013 of Song Da 5 Joint Stock Company is organized successfully with the belief of shareholders. Many important business criteria and business plan were approved with high consent rate. The belief shall be premise and motivation for Song Da 5’s personnel and leaders to overcome all challenges and put Song Da 5 Joint Stock Company into the top construction company in Vietnam.
Hanoi, June, 25th 2013
Hoang Minh Soi
N
.jpg)
