Ben Thanh Water Supply holds extraordinary meeting, amends business lines, keeps foreign "room" at 25%

The recent extraordinary meeting of Ben Thanh Water Supply approved the change of business lines and officially elected a new Chairman of the Board of Directors after nearly 2 months of the former Chairman's resignation.

Ben Thanh Water Supply Joint Stock Company (code BTW, HNX floor) has just completed collecting shareholders' opinions in writing to approve the amendment and supplementation of detailed business lines and the company's charter of organization and operation. Specifically, the company will remove industry code 6810: Real estate business, land use rights of owners, users or lessees. At the same time, the company added industry code 6810: Real estate business, land use rights of owners, users or lessees (except for investment and construction of cemetery infrastructure to transfer land use rights attached to infrastructure).

The above change is to help the company ensure the filing of the registration dossier for the maximum foreign ownership ratio of 25%.

In addition, the company's shareholders also approved another content, which is to dismiss Ms. Pham Thi Thanh Van from the Board of Directors for the 2022-2027 term according to her resignation letter to retire from August 1, 2024. In the past two months, Ms. Nguyen Thi Kieu Nguyet has been temporarily assigned to perform the duties and powers of the Chairwoman of the Board of Directors.

At this written opinion gathering, shareholders elected Mr. Pham Tuan Anh as a member of the company's Board of Directors for the 2022-2027 term. According to information provided by Ben Thanh Water Supply, Mr. Pham Tuan Anh is a candidate nominated by Saigon Water Supply Corporation - One Member Limited Liability Company. This is the parent company that currently owns more than 4.97 million shares, accounting for 53.15% of Ben Thanh Water Supply's charter capital.

Mr. Tuan Anh is currently the Director of Thu Duc Water Plant under the Corporation. He is also the representative of Saigon Water Corporation managing nearly 1.7 million shares (17.71% of charter capital) at Ben Thanh Water Supply, replacing Ms. Nguyen Thi Kieu Nguyet from September 2, 2024.

Immediately after the results of the shareholder consultation, the Board of Directors also elected Mr. Pham Tuan Anh to hold the position of Chairman of the Board of Directors for the 2022 - 2027 term according to Resolution No. 34 dated September 26, 2024.

In the shareholder structure of Ben Thanh Water Supply, Saigon Water Supply Corporation is the largest shareholder. Foreign fund America LLC is the second largest shareholder with more than 1.9 million shares held (20.38%). Dong A Commercial Joint Stock Bank owns 10% of capital, equivalent to holding 936,000 shares (10%) and Mr. Ho Le Minh, Member of the Board of Directors of Ben Thanh Water Supply, holds 469,050 shares (5.01%).

In the first 6 months of the year, Ben Thanh Water Supply recorded net revenue of VND279.9 billion, up 7% over the same period. Profit after tax was VND42 billion, up 21% over the same period. According to the Company's explanation, the increase in profit in the first half of the year compared to the same period came from a number of reasons, including an increase in output of 160,816m3 in the first half of the year, and an increase in average selling price compared to the same period. The growth rate of revenue was greater than the increase in costs, so gross profit from sales and service provision increased compared to the same period. In addition, operating costs, sales costs, business management costs, etc. all decreased.

On the stock market, BTW shares are trading at VND41,600/share, up 24% from the end of last year. However, stock liquidity is only modest.

Source: https://baodautu.vn/cap-nuoc-ben-thanh-hop-bat-thuong-sua-doi-nganh-nghe-kinh-doanh-giu-room-ngoai-25-d226241.html