'Giant' Golden Gate restaurant chain suddenly cancels 53% cash dividend

The General Meeting of Shareholders of Golden Gate Group has just agreed not to pay cash dividends for 2023 as planned, based on the proposal of the Executive Board and Board of Directors.

Golden Gate owns many famous culinary brands with a total of more than 500 restaurants - Photo: GG

On the last day of 2024, Golden Gate Group Joint Stock Company announced the resolution of the shareholders' meeting after collecting written opinions.

One of the notable contents resolved by the congress is the adjustment of the dividend payment plan for 2023.

Accordingly, the group will not pay cash dividends for 2023 as planned. This policy was agreed upon based on the proposal of the executive board and the board of directors.

The resolution states that in the 2024-2025 period, the company plans to implement large-scale investment and business expansion projects at home and abroad, creating a solid foundation for breakthrough development in the future. To ensure optimal resources for these strategic projects, capital concentration is extremely important.

Previously, at the 2024 annual general meeting of shareholders held in June, Golden Gate shareholders approved the 2023 cash dividend payment at a rate of 53%, equivalent to VND 5,300/share.

About Golden Gate, this is a large enterprise in the F&B industry that owns more than 500 restaurants with many familiar brands such as GoGi House, Manwah, Kichi Kichi, Vuvuzela, iSushi...

Some of the brands added by the group last year include Chixmax - fried chicken brand, Union District, Mak Mak, Man Tang Guo, Cloud Pot, Mama Bakery, Sakura, Chibo...

In terms of business performance, Golden Gate's 2023 financial report shows that both revenue and profit last year of the country's largest food chain went down.

Specifically, Golden Gate's net sales and service revenue in 2023 reached VND 6,288 billion, down nearly 10% compared to 2022.

The cost of renting premises and labor is high, so the gross profit margin is very high, but the actual net profit recorded is only 139 billion VND, down nearly 79% compared to 2022.

Who is Golden Gate's largest shareholder?

Regarding the shareholder structure, according to the management report for the first 6 months of 2024, Mr. Dao The Vinh - General Director of Golden Gate - holds 5.45% of the charter capital, while Mr. Tran Viet Trung - Chairman of the Board of Directors - holds 2.3%. Mr. Nguyen Xuan Truong - Deputy General Director and member of the Board of Directors - holds 3.03%. These are all founding members of Golden Gate.

However, Golden Gate's largest shareholder, according to the management report, is Golden Gate Partners Joint Stock Company with an ownership ratio of up to 43.5% of capital.

Mr. Dao The Vinh is a member of the board of directors of Golden Gate Partners Company. It is known that Mr. Dao The Vinh is also an independent member of the board of directors of Mobile World Investment Joint Stock Company.

Source: https://tuoitre.vn/ong-lon-chuoi-nha-hang-golden-gate-bat-ngo-huy-chia-co-tuc-tien-mat-53-20250101170933005.htm