On April 28, 2024, at the 11th floor Hall, Building C47 – Hai Au Bien Cuong Hotel, No. 8 Bien Cuong Str., Quy Nhon City, Binh Dinh Province, Construction Joint Stock Company 47 (HOSE: C47) held 2024 Annual General Meeting of Shareholders. Attending the meeting were 39 delegates who owned and were authorized to represent 18,919,741 voting shares, accounting for 52.06% of total number of voting shares.
The General Meeting listened to the Board of Directors’ (BOD) Operating Report, BOD’s Independent Member’s Operating Report in Audit Committee in 2023 and the 2024 Operating Plan; and the BOD’s proposals to the General Meeting of Shareholders.
Chairman Pham Nam Phong speaking at the General Meeting: In 2023, the overall economy background faced many difficulties, inflation and tight banking credit, disbursement and payment of the outstanding debts from the clients for some projects were slow, affecting the cash flow to implement the production plan. The BOD always closely followed the actual situation, production and business conditions, flexibly and promptly responded to the Company’s production activities at each stage, to ensure the progress and construction quality of key projects such as: Hoa Binh Hydropower Plant Expansion Project (Hoa Binh province); Phu Phong Dam Project, Tan An – Dap Da Irrigation System Project, Cat Tien – Diem Van Coastal Road Section Project, Becamex VSIP Binh Dinh (Binh Dinh province); Hoa Phat Dung Quat 2 Iron and Steel Complex Project (Quang Ngai province); Nam Phak Hydropower Project, Thaco-Agri Complex Project; Nam Neun 1 Hydropower Project (Lao PDR). Besides the construction field, the Hospitality – Tourism – Travel Service sector of the Company is also affected by the domestic and global economy difficulties, so number of tourists also lower than 2022. However, with timely direction and flexible adaptation policies of the BOD, Hai Au Hotels system also ensured stable growth. In 2023, C47 recorded total revenue of VND 1,000.8 billion, increased 25.9% higher than 2022 and reaching 100.1% of the plan as per the Resolution of the 2023 Annual General Meeting of Shareholders.
In the 2024 production and business plan orientation, C47 sets a target of total revenue of VND 1,000 billion, after-tax profit of VND 25 billion and a minimum dividend payout ratio of 5%, paid in cash or shares. C47’s core business is still the construction of domestic and international irrigation and hydropower projects and works. At the same time, C47 also promotes the development of domestic and international hotel, restaurant, and travel services to increase revenue and profit to ensure the harmony of interests of shareholders, investors and the Company in 2024 and the following years.
At the meeting, the General Meeting of Shareholders approved important contents such as: Audited financial statements for 2023; profit distribution and dividend payment for 2023; business plan for 2024; selection of an auditing unit to review semi-annual financial statements and audit financial statements for 2024; salary payment plan for the Board of Directors in 2023 and operating expenses in 2024; plan to offer shares to increase charter capital, the expected maximum number of shares offered is 30,000,000 shares; additional business lines; amendment of the Company’s charter, with an approval rate of more than 90.6%.
In addition, the C47’s BOD also submitted to the General Meeting of Shareholders the proposal to elect additional BOD members for 2020-2025 term as required in written by a group of shareholders holding 10.5% of C47 shares. Through voting results at the General Meeting with 14,604,648 voting shares, accounting for 77.807% of total voting shares which were not in approval. Thus, the C47’s BOD for 2020-2025 term is still 8 members.
At the 2024 Annual General Meeting of Shareholders, the shareholders highly appreciated the C47’s efforts, and expressed their desire continuing to support and assign the BOD and the Management Board to be proactive in management and operation, contributing to C47’s development and bringing practical benefits to shareholders, investors and employees.
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