Coteccons’ 2017 AGM: Revenue Plan Raised up to VND 27,000 billion

29/06/2017 23:50

The Annual General Meeting of Coteccons Construction Joint Stock Company (Ticker symbol: CTD) was held in the morning of June 29th, 2017, welcoming the attendance of over 300 shareholders.


 The 2017 Annual General Meeting of Coteccons

The Meeting was focused on revision and discussion of last year's business performance, next year's development plan, ESOP policy, and more noteworthy of all, the election of the Board of Directors (BOD) and the Board of Supervisors (BOS) for the term of 2017 – 2022.

A Remarkable Performance in 2016

Last year continued to mark a major milestone for Coteccons’ growth, with total revenue of VND20,783 billion, an increase by 52% yoy, and net profit after tax of VND1,422 billion an increase by 113% yoy. More interesting, Design & Build (D&B) projects’ revenue accounted for 40% of the total turnover. Another significant milestone for Coteccons was to defeat many renowned international contractors to win the bid to construct the Landmark 81, the tallest building in Vietnam, which would be ranked among the 10 tallest buildings wordwide.

The backlog of Coteccons at the end of 2016 reached VND22,000 billion (46% growth yoy). This provides a sound foundation for the BOD to propose an ambitious business plan of 2017 by setting the target revenue at VND27,000 billion and target net profit after tax at VND 1,750 billion, an increase of 30% and 23% from 2016, respectively.

Amendment in ESOP Policies

Shareholders engaged in the discussion session yesterday by questioning on proposals from the BOD, including the fact that dividend payout ratio should be raised in-line with revenue growth, or the concern that the firm might be acquired if foreign ownership limit is lifted. All questions were clearly addressed by the presidium, and therefore, garnered absolute agreement and consensus among the shareholders. 


 Shareholders voted for approval on three submissions at the AGM

Another concentration of the discussion session was to refine the incentive policy for key staff, which was endorsed last year. Many shareholders insisted that the BOD should honor the approved resolutions of the 2016 annual general meeting, compensate staff by stocks (ESOP) instead of a combination of cash and stocks  (incentive option 2). 


 Mr. Nguyen Ba Duong (middle), Chairman of Coteccons, answered shareholders' questions

The Chairman – Mr. Nguyen Ba Duong, pledging his honor and credibility, appealed to the shareholders to exercise option 2, promising that no further change would ever be taken.

In conclusion, it was approved by the shareholders that Coteccons would pay a number of stocks (ESOP) of 1.3 million plus cash bonus to the key staff who contributed to the company's growth.

A Sustainable Management Model

A major component of this year AGM was to elect 07 members to the BOD and 03 members to the BOS for the period of 2017-2022. The Chairman to the BOD would no longer double-hat as CEO. Mr. Nguyen Ba Duong asserted that Coteccons would apply the modern management model in the earliest future to be in line with international convention. The BOD then would, accordingly, comprise of 09 members, half of which would be independent members, and a Supervision Committee would replace the current BOS.


Shareholders voted for members of BOD and BOS for the term of 2017-2022 

Coteccons’ 2017 AGM concluded successfully by 12:00 p.m. With new members of the BOD and BOS, who were elected by shareholders based on their substantial experience and competency, the management team would definitely contribute to maintain Coteccons at a leading position in construction industry and, in the longer term, a major and diversified corporation with core business of construction.


 The Coteccons' Board of Directors and Board of Supervisors for the term of 2017-2022

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