Specifically, HTN's General Meeting of Shareholders agreed to supplement capital for construction activities at a number of the company's projects; to prepare carefully and thoroughly to be ready to participate in the development of affordable housing and social housing projects.
Capital is mobilized through the offering of shares to existing shareholders. With an issuance ratio of 1:1 (shareholders owning 1 share have the right to buy 1 additional issued share), the Company plans to offer 89.1 million shares at an expected price of VND 10,000/share. The implementation time is in 2023 or 2024. If the issuance is successful, the Company will collect VND 891.1 billion, all capital for projects, carefully preparing to develop social housing and affordable housing. The Company's charter capital after issuance is estimated at VND 1,782 billion.
Hung Thinh Incons Annual General Meeting of Shareholders 2023 takes place on June 10, 2023
The congress also agreed on the plan not to pay dividends in 2022. All remaining profits will be retained to supplement working capital, ensuring stable business operations and financial resources of the company. A series of projects such as Vung Tau Pearl (Ba Ria-Vung Tau), New Galaxy (Binh Duong), Grand Center Quy Nhon, Richmond Quy Nhon (Binh Dinh), Bien Hoa Universe Complex (Dong Nai), New Galaxy Nha Trang (Khanh Hoa) ... will be accelerated, stabilizing business operations after the sluggish period of the first 6 months of 2023.
HTN will accelerate construction of a series of projects.
The 2023 business plan was approved by the General Meeting of Shareholders with a target of net revenue of VND 4,200 billion and profit after tax of VND 50 billion, after forecasting that the general difficult context of the whole market will continue. Reporting at the meeting, the Company's Board of Directors recorded the 2022 business results with net revenue and profit after tax reaching VND 5,465 billion and VND 64 billion, respectively. This is the result of HTN's efforts in the context of the general challenges of the whole economy in 2022.
In terms of governance, the General Meeting of Shareholders approved the change of governance structure from the Supervisory Board model to the Audit Committee model, under the Board of Directors. The change to the new model will help increase the effectiveness of supervision, towards transparent corporate governance, protecting the rights of shareholders. On that basis, the General Meeting of Shareholders also approved the Charter and Internal Regulations on Corporate Governance, and the Board of Directors' Operating Regulations in accordance with the new model.
HTN changes governance structure to Audit Committee model
Hung Thinh Incons' Board of Directors also presented a new vision to be more autonomous in production and business activities, increasing the proactive role. Accordingly, HTN is studying the feasibility of expanding its field of operation, researching investment and developing social housing and affordable housing projects.
Mr. Nguyen Dinh Trung, Chairman of the Board of Directors of HTN emphasized: "Hung Thinh Incons' mission is to build houses for the majority of Vietnamese people. With a country of 100 million people, the demand for housing is still too high. With core competencies of understanding the market, construction strengths, and mastering the value chain of making a house, we will consider researching and participating in the field of affordable housing development, to create value for the community, help the majority realize their dream of settling down and improve the quality of life of Vietnamese people".
Regarding the immediate goal, HTN will focus resources on implementing projects, as well as prioritizing solving problems that directly affect the stability of the company. Regarding the strategy of developing social housing and affordable housing, HTN will carefully and thoroughly research based on capacity calculations, meeting the needs of the majority and bringing about harmonious profit and benefit values.
After half a day of work with the participation and voting of 152 shareholders owning and authorized 70,826,054 shares, equivalent to 79.48% of the total number of voting shares of the company, the 2023 Annual General Meeting of Shareholders of Hung Thinh Incons was a great success. All contents were approved with a high rate of unanimous approval, demonstrating the trust and companionship of shareholders in the company's operating orientation. This will be the foundation for Hung Thinh Incons to be more steadfast on its journey of "Building Vietnamese homes".
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