A cattle farm run by Moc Chau Milk, a sub-unit of GTNFoods JSC. — Photo thuonggiaoonline.vn GTNFoods JSC on Saturday dismissed two members from the board of directors, causing disturbance among shareholders at the firm’s annual meeting. This year’s meeting was also the first one in which Vietnam Dairy Products JSC (Vinamilk) was presented as the biggest shareholder of the company, holding more than 40 per cent of GTNFoods capital. GTNFoods had previously announced major shareholder West Ocean Invest JSC suggested to remove two independent members from their positions on the board of directors. The officers that were dismissed were Chew Mei Ying and Michael Louis Rosen. West Ocean Invest had also nominated two new members to relieve the foreign members on the board of directors. But Ying and Rosen opposed the firm’s proposal. Ying said she and Michael represented the benefits of all shareholders. According to Article 151 of the Law of Enterprise, a member of the … [Read more...] about Board membership stirs GTNFoods’ annual shareholder meeting
Existing shareholders
Not many banks to pay dividends in cash, but shareholders content
VIB is one of only few banks that have decided to pay dividends in cash this year. Photo cafef.vn At the annual general meeting of Vietnam International Bank (VIB) in HCM City on March 28, shareholders approved a dividend of 26.5 per cent for 2019, including 5.5 per cent in cash and the rest in shares. VIB is one of only few banks that have decided to pay dividends in cash this year. Market observers said though most have yet to hold their annual general meeting this year, many banks have indicated they would pay dividends in shares and not cash. Nam A Commercial Joint Stock Bank (Nam A Bank) was one of the first lenders to hold its annual general meeting. On March 23, its shareholders approved many important business plans and targets for this year, one of which was to pay a 16 per cent dividend but only in shares. In its consolidated financial statement sent to its shareholders ahead of this year’s annual general meeting, Vietnam Prosperity Joint Stock Commercial Bank … [Read more...] about Not many banks to pay dividends in cash, but shareholders content
SK to become Masan’s largest strategic shareholder
Masan and SK will join hands to pursue transformational business opportunities in Vietnam and to synergise existing business units. SK will invest $470 million for a 9.5 per cent share in Masan Group Today (September 19, 2018), Masan Group Corporation (HoSE: MSN) announced that it has entered into a strategic partnership with SK Group. The agreement will enable the two parties to draw on each other’s strengths to accelerate Masan’s and SK’s respective growth strategies. The corporate groups aim to jointly pursue transformational business opportunities in Vietnam and to synergise existing business units. SK Group is one of the largest corporate groups in South Korea, with s business across energy, chemicals, telecommunications, semiconductors, logistics, and services. SK Group operates globally across more than 40 countries and had a combined revenue of $141 billion as of the end of 2017. Woncheol Park, representative director of SK Southeast Asia Investment, … [Read more...] about SK to become Masan’s largest strategic shareholder
Vietnam Airlines to hold annual shareholder meeting
Shareholders of Vietnam Airlines will gather at the annual general meeting in Ha Noi on May 10, the third one since the company completed equitisation in 2015, to discuss a series of important issues including the modification of the internal management regulations. The Board of Directors will deliver a report on business performance in 2017 and main targets for the coming year 2018, along with auditing financial statements in 2017 and plans for the distribution of profits and dividends. In 2017, Vietnam Airlines conducted 140,000 flights carrying 22 million passengers. Its total revenue reached more than VND84.9 trillion (US$3.7 billion). The corporation earned a record pre-tax profit of more than VND3.15 trillion, surpassing the yearly target by 92.6 per cent and posting a year-on-year increase of 21.3 per cent. The parent company raked in more than VND64.9 trillion in revenue and VND1.9 trillion in pre-tax profit, exceeding targets by 52 per cent and registering a year-on-year rise … [Read more...] about Vietnam Airlines to hold annual shareholder meeting
HDBank shareholders approve PG Bank acquisition in all-stock deal
Shareholders of the HCM City Development Joint Stock Commerical Bank (HDBank) approved a plan to merge with the Hanoi-based Petrolimex Group Commercial Joint Stock Bank ( PG Bank) at the former’s annual general shareholders meeting held on April 21. (Source: VNA) HCM City (VNA) - Shareholders of the Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) have approved a plan to acquire the Hanoi-based Petrolimex Group Commercial Joint Stock Bank in an all-stock deal. At the HDBank annual general meeting held on April 21 they approved taking over PG bank by paying 0.621 share for every share of PGBank. They also approved a strategic cooperation programme with the State-owned Vietnam National Petroleum Group (Petrolimex) to exploit the advantages offered by the country’s biggest petroleum retailer. Shareholders of PG Bank also agreed to the takeover by HDBank at its annual general meeting on the same day. The bank has already wrapped up the formalities. … [Read more...] about HDBank shareholders approve PG Bank acquisition in all-stock deal
Vietnam banks see more withdrawals of foreign shareholders
Vietnam banks see more withdrawals of foreign shareholders The lack of a common voice among managers, the changes in business strategies, and the weak role on the board of directors are some of the reasons foreign shareholders have left Vietnamese banks. Standard Chartered is no longer a shareholder of ACB. Standard Chartered (Hong Kong) and Standard Chartered (UK) have divested 64.2 million (6.25 percent of total capital) and 89.86 million ACB shares (8.75 percent). All the transactions were completed on January 9. Prior to that, BNP Paribas, the foreign shareholder of Orient Bank, in late 2017 divested all of its OCB shares, equal to 18.68 percent of chartered capital. However, there still has not been any information about the buyers. Some other foreign investors also took leave of Vietnamese banks in recent years. HSBC, which was the biggest shareholder in Techcombank with 20 percent of shares, divested from the bank in 2017. VP Bank, after saying goodbye to OCBC in 2013, … [Read more...] about Vietnam banks see more withdrawals of foreign shareholders
Market rebound forecast for this week
Market rebound forecast for this weekKim Ngan By Kim Ngan - The Saigon Times Daily HCMC – Securities companies have said the local stock market might stage a mild rebound this week thanks to a recent liquidity improvement on HCMC and Hanoi bourses. During last week, the VN-Index dropped nearly 0.4%, closing at 600.36, while the HNX-Index gained 1.3% at 90.74. Matching volume expanded 20% on the HCMC market to 661.5 million shares while that on the Hanoi market jumped 47% at 380 million shares. Liquidity improvement was a positive sign for the market, according to vietstock.vn. With no supporting news, the market failed to maintain its uptrend last week, with four sessions ending lower on the Hochiminh Stock Exchange. Capital mainly poured into blue-chips and shares of securities and mining companies. Notably, speculators actively picked construction and realty tickers such as FLC, KBC, ITA and DLG. On the other hand, Hanoi market-listed KLF and FIT recorded high trading volume, … [Read more...] about Market rebound forecast for this week
Vietcombank to sell 7.6 million Vietnam Airlines’ shares
The transaction is expected to take place from January 24-February 22. This is part of more than 22.4 million shares, equivalent to 1.8% of the chartered capital of Vietnam Airlines that Vietcombank bought in the airline’s initial public offering in late 2014. The bank spent VND544.12 billion (US$23.9 million) to buy the shares, or VND22,300 for each share. At the current market price of Vietnam Airlines’ shares at some VND63,700 each, Vietcombank can earn an estimated VND484 billion from the sale of its 7.6 million shares after more than two years of holding. Compared to six months ago, the stock has nearly tripled in terms of market value. If successful, Vietcombank’s holdings at Vietnam Airlines will reduce to 1.2%. The shares of Vietnam Airlines and VJC shares of budget carrier Vietjet Air are two aviation stocks that have grown fast in the past few months. The growth of share prices comes mainly from positive business results in late 2017 and early 2018 in … [Read more...] about Vietcombank to sell 7.6 million Vietnam Airlines’ shares
Vietnam Airlines ends year with record pre-tax profit
Vietnam Airlines and its subsidiaries, Jetstar Pacific and Vasco, operated approximately 180,000 flights in 2017, carrying 26.5 million passengers and 343,000 tonnes of cargo, up 6.7 percent and 19 percent, respectively, from 2016. The company controlled roughly 60 percent of the domestic market share and about 32.3 percent of the market share of international passengers flying to and from Vietnam.In 2018, the corporation will continue expanding its fleet with more Airbus A350-900 and A321neo and pursuing its plan to open direct flights to the United States.Vietnam Airlines stepped into the Unlisted Public Company Market (UPCoM) in January 2017, offering more than 1.2 billion shares, coded HVN, at a debut price of 28,000 VND per share. By the end of last year, HVN’s price soared to the peak of 42,000 VND per share, up 60 percent.The firm plans to sell its shares on Ho Chi Minh Stock Exchange (HOSE) in the second quarter of 2018 and will offer additional shares to existing … [Read more...] about Vietnam Airlines ends year with record pre-tax profit
Vietnam Airlines gained impressive profits in 2017
The revenue and profit indicators of Vietnam Airlines Corporation showed growth as planned in 2017, the firm reported.Vietnam Airlines and its members, including Jetstar Pacific and Vietnam Air Services Company (VASCO), earned a consolidated revenue of VND88.4 trillion (US$3.88 billion) and pre-tax profit of more than VND2.8 trillion, exceeding 72 per cent of its plan and up 8.3 per cent year on year, respectively.Of this, parent company Vietnam Airlines earned an estimated revenue of VND66.2 trillion, more than 50 per cent of the target, and pre-tax profits of VND1.85 trillion, up by eight per cent compared to 2016, respectively.More than VND1.9 trillion was sent for the State budget last year, doubling the figure of the previous year, the airlines said.Last year, the corporation operated nearly 180,000 safe flights, transporting 26.5 million passengers, an increase of 6.7 per cent during the same period last year. Cargo shipments were estimated at 343,000 tonnes, up 19 per cent from … [Read more...] about Vietnam Airlines gained impressive profits in 2017