On June 2nd, 2018; Coteccons Construction Joint Stock Company (CTD - Ticker Symbol) successfully organized 2018 Annual Shareholder General Meeting (AGM) with the participation and authorization of nearly 700 shareholders at Sheraton hotel (District 1, HCMC).
The meeting had answered all shareholder questions about 2018 business plan as well as the Company's information and stock price. Accordingly, the meeting decided to increase 2017 dividend from 30% to 50% per share, 2018 profit plan from VND 1,400 to 1,500 billion. In addition, the meeting also approved the merging policy of member company to Coteccons and that will be voted in the next AGM.
Overview of 2018 Coteccons Annual General Shareholder Meeting
Achieved remarkable revenue in 2017
In 2017, CTD exceeded its revenue target standing at VND 27,153 billion, an increase of 30% year on year and achieved at 94% of its target profit. This is also a year that has witnessed many achievements of Coteccons, especially the topping out event of Landmark81 - the top 10 sky scrapers in the world. In addition, Coteccons is commencing nearly 50 key projects including D&B ones across the country, stretching from Quang Ninh, Hai Phong, Hanoi, Da Nang, Nha Trang, Ho Chi Minh City, Phu Quoc, Tay Ninh, etc. such as South Hoi An Casino, Hoa Phat Dung Quat Steel Factory, Pullman Hai Phong Hotel. The company is implementing strongly in Design and Build service and "Opportunity Investment" strategies - two of strengths that will bring abundant works to the company for many coming years.
The power of CTD is in its ability to mobilize and manage 5,000 engineers and over 40,000 workers all over the country. CTD has also built up a close network of more than 1,500 partners, including subcontractors, construction teams, local suppliers and major oversea partners.
Approved the amendment of 2018 revenue and profit plan
At the meeting, the Board of Directors agreed to increase the dividend yield from 30% to 50% (proceeded in the third quarter of 2018), its revenue at VND 28,000 billion and profit at VND 1,500 billion. They also agreed to review the change of the CG regulation and the merging member company in the next AGM.
Mr.Nguyen Ba Duong, Chairman, shared that by 2020 CTD’s revenue may reach at $3 billion if this merger is organized successfully and that will make CTD be in the top 10 largest enterprises around the country.
During the discussion on the content of the approval submission, the Presidium received inquiries from many shareholders about the causes of stock price reduction, future business strategies and other typical issues. Representatives of the Presidium clearly explained and reinforced the confidence of shareholders in 2018 Coteccons management strategy. At the end of the discussion, all submission were approved with high approval of shareholders.
The AGM ended successfully at 13h00 on the same day.
Some images at the event:
CTD Chairman Nguyen Ba Duong delivered his opening speech at the AGM
Mr.Nguyen Quoc Hiep – Representative of BODs to present his report at the meeting
General Director Nguyen Sy Cong to present his report at the meeting
BODs at the discussion with shareholders
Shareholders to share their opinions at the meeting
Shareholders voted for approval on submissions at the AGM
31 Le Duan St, Ben Nghe Ward, District 1, HCMC
Khanh Binh commune, Tan Uyen district, Binh Duong province.
58 Tay Ho Street, Quang An Ward, Tay Ho District, Ha Noi
29B Nguyen Dinh Chieu, Da Kao Ward, District 1, HCMC
Thanh My Loi Ward, Thu Thiem Residential Area, District 2, Ho Chi Minh City
Vo Nguyen Giap St., Phuoc My ward, Son Tra District, Da Nang city
29 Dinh Tien Hoang St., Ward 3, Binh Thanh district, HCMC
12 Tran Phu street, Hai Phong city
Lô CN9, KCN Thạch Thất – Quốc Oai, Phùng Xá, Thạch Thất, Hà Nội