OUR EXPERIENCE DRIVES US FORWARD

Coteccons organizes the 2019 Annual General Meeting of Shareholders

10/04/2019 08:02

On the morning of April 9th 2019, Coteccons organized the 2019 Annual General Meeting of Shareholders in Ho Chi Minh City with the attendance of shareholders representing 67.7 million shares, accounting for 88.67% of total voting rights.  

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Mr. Nguyen Ba Duong - Chairman of BOD delivered the opening speech

Delivering the opening speech, Mr. Nguyen Ba Duong - Chairman of the Board of Directors (BOD) shared that in order to achieve the growth in the current period, Coteccons need to be determined to change. Most importantly, shareholders need to reach a consensus, taking advantage of new development opportunities, including real estate investment and M&A opportunities. Mr. Nguyen Quoc Hiep - BOD's representative reported the activities of the BOD in 2018, in which, as a member of the BOD and Chairman of Vietnam Association of Construction Contractors (VACC), he emphasized the difficult situation of the real estate and construction market in recent years due to legal issues and the policy of tightening credit from the State. These made a series of projects not licensed or suspended, however Coteccons still accomplished the business plan. This is a very rare result that construction companies hardly achieved in this period.

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Mr. Nguyen Quoc Hiep – BOD’s representative reported the BOD’s operation in 2018

In the Board of Management's report, Mr. Nguyen Sy Cong - General Director of Coteccons highlighted Coteccons' operation in 2018. Accordingly, despite being adversely affected by the difficult market, Coteccons, with drastic and continuous improvement in management, successfully fulfilled the targeted business plan. Consolidated revenue and profit in 2018 were VND 28,560 billion and VND 1,510 billion respectively.

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Mr. Nguyen Sy Cong – General Director of Coteccons highlighted Coteccons’ operation in 2018

The contents approved by the AGM include: Business results in 2018; Distributing profits and provision funds/ dividends in 2018; Remuneration for the BOD and Supervisory Board; Selecting an auditing company for the fiscal year; Business plan 2019 with revenue and profit targets of VND 27,000 billion and VND 1,300 billion respectively; Cash dividend is 30%.

Another content of the discussion at this year's AGM is the merger of Ricons by stock swaps. However, due to the lack of consensus, the AGM agreed not to include the Ricons merger proposal in the voting procedure.

Mr. Nguyen Ba Duong – Chairman of BOD concluded that although there were conflicting information from outside influences on stock prices in the short term, however, the Company's business performance would be reflected in the results. Shareholders could be relieved because the Board of Management had always made the highest effort to develop the Company and maintain reputation in the market.

Some images at the event:

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Shareholders voted at the Annual General Meeting

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Overview of Coteccons’ 2019 Annual General Meeting



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Project information

Friendship Tower

31 Le Duan St, Ben Nghe Ward, District 1, HCMC

ManWah Timberland Factory

Khanh Binh commune, Tan Uyen district, Binh Duong province.

Tay Ho View

58 Tay Ho Street, Quang An Ward, Tay Ho District, Ha Noi 

29B Nguyen Dinh Chieu

29B Nguyen Dinh Chieu, Da Kao Ward, District 1, HCMC

One Verandah

Thanh My Loi Ward, Thu Thiem Residential Area, District 2, Ho Chi Minh City

Đà Nẵng Times Square – Condotel

Vo Nguyen Giap St., Phuoc My ward, Son Tra District, Da Nang city

Grandeur Palace – Đinh Tiên Hoàng

29 Dinh Tien Hoang St., Ward 3, Binh Thanh district, HCMC

Pullman Hai Phong

12 Tran Phu street, Hai Phong city

Meiko

Lô CN9, KCN Thạch Thất – Quốc Oai, Phùng Xá, Thạch Thất, Hà Nội


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