Joint venture company with Honda and Toyota plans to spend nearly 5,000 billion VND in dividends

Vietnam Engine and Agricultural Machinery Corporation - Joint Stock Company (VEAM) will hold the 2022 Annual General Meeting of Shareholders on June 20. It includes a proposal to ask shareholders for their opinions on the profit distribution plan. Specifically, the Board of Directors proposes that shareholders will allocate more than VND 4,962 billion to pay dividends in 2022, equivalent to a rate of 37.3% in cash (shareholders owning 1 share will receive VND 3,730). VEAM is a joint venture with foreign automobile corporations such as Honda, Toyota, Ford...

Joint venture with Honda and Toyota plans to spend nearly 5,000 billion VND in dividends

By the end of the first quarter of 2023, VEAM invested VND 8,002 billion in 8 joint ventures, including Honda Vietnam Company with VND 6,215 billion, Toyota Vietnam Automobile Company with VND 1,002 billion, Ford Vietnam Company Limited with VND 704 billion... Currently, the Ministry of Industry and Trade owns 88.47% of VEAM's capital, so it is estimated that state shareholders will receive nearly VND 4,390 billion.

At this year's General Meeting of Shareholders, VEAM also submitted to shareholders for approval a plan to list VEA shares on the Ho Chi Minh City Stock Exchange (HOSE). This plan was approved by shareholders in 2022 but has not been implemented because it has not fully met the listing regulations.

Last year, VEAM achieved total revenue of more than VND 4,747 billion and after-tax profit of more than VND 7,665 billion. This year, VEAM sets the parent company's revenue target at VND 1,187 billion, more than 2.2 times higher than the 2022 performance, and after-tax profit of VND 5,694 billion, up 1.2%.

VEAM said the company aims to increase sales revenue from industrial products through the consumption of long-term inventory vehicles and seeking strategic partners, researching the market to produce new trucks meeting Euro5 emission standards and exploiting supporting industries.

Source link: https://thanhnien.vn/cong-ty-lien-doanh-voi-honda-toyota-du-chi-gan-5000-ti-dong-chia-co-tuc-185230602103947814.htm