BOT enterprise 'hangs' special prize of 500 million to attract shareholders to attend congress

Trung Luong – My Thuan Expressway, section through Tien Giang province – Photo: QUANG DINH

CII Board of Directors has just announced information on the adjustment of the lucky draw program at the 2024 extraordinary general meeting of shareholders.

Accordingly, this company raised the special prize from 300 million VND to 500 million VND.

At the same time, the program rules have also changed. For every 1,000 shares owned, shareholders have a prize code.

A shareholder can only win one prize in the prize structure, then a code that won a prize in the previous draw will not be eligible to participate in the next draw.

The remaining lottery codes they own (if any) will still be eligible to participate in the next draw.

CII's "Lucky Participating Shareholder" program at this congress includes 15 prizes, with 10 third prizes (each prize is 1 tael of gold), three second prizes (each prize is an iPhone 16 Pro Max 256Gb), one first prize of 100 million VND and one special prize of 500 million VND.

The company also "spent" enough to pay all personal income taxes related to the prize.

In addition, CII also pushed forward the dividend payment date.

With the hope that the dividend payment date will coincide with the date of this general meeting, CII has adjusted the remaining dividend payment date for 2022 and the first installment of 2023 in cash, five days earlier than previously announced.

CII's 2024 extraordinary general meeting of shareholders is expected to be held on the morning of January 15, 2025, in Ho Chi Minh City.

The main content of the congress is to approve the investment policy for the Ho Chi Minh City - My Thuan expressway expansion project under the public-private partnership model and to approve the plan to issue convertible bonds (two packages with a total issuance value of VND 4,500 billion).

CII's Board of Directors needs the approval of the general meeting of shareholders on the above contents, to enter the process of preparing to implement the project stages and issue bonds.

CII is known as a “hardworking enterprise that gives money” to invite shareholders to attend general meetings of shareholders. However, many times, this method does not achieve the expected results because the percentage of shareholders attending does not reach the required percentage (over 50%).

The dispersed shareholder structure, with tens of thousands of people and the largest shareholder owning less than 8%, is one of the main reasons why CII has to "overcome thousands of obstacles" with the goal of successfully organizing the congress.

If this congress fails, it could affect the implementation of CII's business plans. The company is participating in infrastructure and real estate projects that require large capital sources and need to pay off due loans.

CII was established in 2001, operating mainly in the construction, exploitation and infrastructure business under the form of build-operate-transfer (BOT) and build-transfer (BT) contracts.

As of the end of September 2024, CII's total liabilities were more than VND 25,800 billion, of which short-term loans and financial leases were more than VND 4,200 billion.

At the end of December 2024, the Government Office announced the conclusion of Deputy Prime Minister Tran Hong Ha, requesting the Ministry of Transport to quickly deploy the necessary steps to start the project to expand the Ho Chi Minh City - Trung Luong - My Thuan expressway in the second quarter of 2025.

This project will be invested by a consortium of Deo Ca Group Joint Stock Company, Tasco Joint Stock Company and CII.

According to the pre-feasibility study report, the project will invest in expanding about 91km of highway, with a scale of 6-8 lanes and a total estimated investment of nearly 38,700 billion VND.

Source: https://tuoitre.vn/doanh-nghiep-bot-treo-giai-dac-biet-500-trieu-thu-hut-co-dong-du-dai-hoi-20250108184142163.htm