Vietnam Fisheries Corporation cancels extraordinary shareholders meeting

The Board of Directors of Vietnam Seafood Corporation (Seaprodex) canceled the extraordinary meeting to dismiss the Head of the Supervisory Board because it realized that the meeting time was close to the date of the annual general meeting of shareholders.

The Board of Directors of Vietnam Seafood Corporation (Seaprodex, stock code: SEA) has just announced the suspension of the 2024 extraordinary general meeting of shareholders.

According to the explanation of the Board of Directors, this decision stems from the fact that the Board of Directors found that the time to hold the extraordinary shareholders' meeting (March 29) is relatively close to the scheduled time for the annual meeting. Therefore, in order to save time and travel costs for shareholders, the Board of Directors did not hold an extraordinary meeting and planned to move the contents to be voted on to the annual meeting scheduled to be held in April.

Previously, the company held an extraordinary meeting in Can Gio District (HCMC) to propose the dismissal of Mr. Tran Phuoc Thai as Head of the Board of Supervisors and elect an additional member for the 2020-2024 term. At the end of January 2024, Mr. Thai submitted his resignation as Head of the Board of Supervisors to resolve the leave policy from the beginning of April.

A building owned by Seaprodex in Ho Chi Minh City.

Vietnam Seafood Corporation was established in 1978 and was the leader in the domestic seafood industry before the rise of private companies. Seaprodex's main business lines are related to aquaculture and seafood exploitation. In addition, the company also owns many plots of land in the center of Ho Chi Minh City. Seaprodex's largest shareholder is the State Capital Investment Corporation (SCIC) with a 63% ownership ratio. SCIC recently announced a plan to divest all of its capital in this enterprise.

Seaprodex is currently trading shares on the UPCoM market. This stock has been increasing for 4 consecutive sessions, bringing the market price from 29,800 VND to 33,000 VND. With more than 125 million shares being traded, the market capitalization of the corporation is about 4,124 billion VND.

Last year, Seaprodex recorded total revenue of VND84 billion and after-tax profit of VND75.7 billion. The company had total assets of VND1,969 billion at the end of 2023, while its debt was less than VND80 billion.

Source