Ms. Nguyen Thi Nhu Loan - General Director of Quoc Cuong Gia Lai - Photo: DN Website
On June 30, Quoc Cuong Gia Lai Joint Stock Company (QCG) held the 2024 annual general meeting of shareholders.
Under current regulations, the annual general meeting of shareholders must be held within 4 months from the end of the fiscal year.
Although organized quite late, today's QCG congress was still unsuccessful.
The reason is that the proportion of shareholders attending only represents more than 18% of charter capital, so it is not eligible to proceed.
The number of shareholders attending the meeting representing the required conditions must reach over 50% of the total number of votes.
The company representative said that Ms. Nguyen Thi Nhu Loan - general director - was not in good health so she could not attend.
This force majeure event caused the QCG congress to not take place as planned and had to be moved to another date according to regulations.
According to the annual report of this enterprise, Ms. Nguyen Thi Nhu Loan owns more than 101.9 million QCG shares, accounting for 37.05% of the charter capital of this enterprise.
As of March 31, Quoc Cuong Gia Lai's total assets reached VND9,515 billion. The company's cash balance was about VND30 billion. The company recorded more than VND5,161 billion in liabilities, of which VND4,300 billion was in short-term loans and financial leasing debt.
Quoc Cuong Gia Lai sets profit target of 100 billion, boss salary of 7 million VND per month
According to documents provided before the meeting, QCG's board of directors plans to submit to shareholders for approval the 2024 production and business plan with a target of net revenue of VND 1,300 billion, pre-tax profit of VND 100 billion, and no dividend payment.
This is considered a relatively optimistic target as the revenue of VND 1,300 billion is 3 times higher than the actual level in 2023. The pre-tax profit target is VND 100 billion, 20 times higher than last year's figure, a high level in recent years.
For the real estate sector, this enterprise aims to complete the adjustment of the 1/500 planning of the Marina Da Nang project for sales this year, and at the same time put into operation 6 commercial floors of the Giai Viet project (HCMC), continue to exploit the commercial area at the projects...
In the first quarter of 2024, Quoc Cuong Gia Lai recorded nearly 39 billion VND in revenue, down 77% over the same period, and net profit reached only nearly 1.4 billion VND.
Also at this congress, QCG plans to elect an additional independent member of the company's board of directors, Ms. Ha Thi Thu Thuy (born in 1981). This addition is also to meet the standards of corporate governance in the coming time.
Previously, on June 18, QCG's board of directors received a resignation letter from Ms. Trinh Thi My Hanh as a board member for personal reasons. The consideration and approval of Ms. Trinh Thi My Hanh's dismissal from the board of directors was supposed to be considered at the shareholders' meeting (June 30).
Another important content also considered at this congress is the implementation of remuneration payment in 2023 for members of the board of directors and the board of supervisors, which is carried out through the resolution of the 2023 Annual General Meeting of Shareholders.
Accordingly, the board of directors plans to submit for approval the payment of remuneration to the board members of 7 million VND/month each. The board of supervisors will receive 5 million VND.
Regarding Quoc Cuong Gia Lai, at the first instance verdict of the case that occurred at Van Thinh Phat Group, the trial panel also requested that this enterprise return the entire amount of money it received from Ms. Truong My Lan, which was 2,882.8 billion VND.
After that, Quoc Cuong Gia Lai appealed part of the first instance judgment. The company argued that the first instance trial panel's decision to force the company to return VND2,882.2 billion to Ms. Truong My Lan to ensure the execution of the judgment was incorrect and not objective.
Based on the contract with Sunny Island, Quoc Cuong Gia Lai Company said it only has the obligation to pay back 1,444.1 billion VND.
Recently, Ms. Nguyen Thi Nhu Loan also sent a document to the State Securities Commission to clarify matters related to the land plot at 39 Ben Van Don.
This is the land where the Ministry of Public Security's Investigation Police Agency (C03) has decided to prosecute and temporarily detain Mr. Le Quang Thung - former general director of the Vietnam Rubber Industry Group - and many accomplices at this group to investigate the act of "violating regulations on management and use of state assets causing loss and waste" when public land turned into private land.
Regarding compliance with legal regulations in the transfer, Quoc Cuong Gia Lai affirms that all transactions of purchase, sale, transfer, business activities, and business results arising during the period are declared, accounted for, and reported by the company in accordance with regulations and accounting standards...
Source: https://tuoitre.vn/muc-tieu-lac-quan-cua-quoc-cuong-gia-lai-ra-sao-truoc-khi-dai-hoi-co-dong-bat-thanh-202406302008318.htm
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