Tracodi General Meeting of Shareholders: The profit after tax plan increased slightly to 101 billion dong, issuing ESOP shares
admin 21-06-2020, 11:56

Mr. Nguyen Ho Nam, Chairman of Tracodi Board of Directors, said that after-tax profit increased by 6.7% to 101 billion dong, which is modest compared to the company’s current potential because COVID-19 pandemic reserve might return. .

Modest business plan

In the morning of June 20, Transport and Industrial Development Investment Joint Stock Company (Tracodi, code: TCD) organized the annual meeting of shareholders in 2020 with the approval of business results, ESOP share issuance and adjustment issuance of convertible bonds for strategic investors.

Tracodi General Meeting of Shareholders: The profit after tax plan increased slightly to 101 billion dong, issuing ESOP shares

Tracodi’s Annual General Meeting of Shareholders in the morning of June 20. (photo: Thu Hoai)

In particular, on the business plan of 2020, Tracodi targets net revenue of nearly 1,924 billion dong, up 13% from the previous year; EAT is expected to be over 101 billion dong, up by 6.7%.

For construction activities, the company aims to complete the construction of Malibu Resort, King Crown – Thao Dien projects, continue construction of the Solar 100 MWP project, and deploy many new projects such as Amor Garden, Casa 2, Laveder, attic energy.

In the commercial segment, Tracodi will take advantage of Vinacafe Microbiological Fertilizer Joint Stock Company – a member company of Bamboo Capital Group, to deploy more domestic trade for microbial fertilizer products. The company also exploits to find out the source of customers for modified starch products, outdoor furniture, building and developing the Dr. Nam coffee brand.

Regarding passenger transport activities at Vinataxi, the management said that 2020 is expected to be difficult for the transport industry and Vinataxi itself. In addition to the traditional taxi transport business, Vinataxi also expanded the joint venture to expand the field of motor vehicle inspection at the office headquarters, deploying the attic energy project.

Evaluating the above 2020 business plan, Mr. Nguyen Ho Nam, Chairman of the Tracodi Board of Directors, said that before the COVID-19 epidemic situation, the company has developed an improvisation plan and implemented measures, especially no staff cuts as well as business plans.

“Tracodi and the corporation have been trying to turn challenges into opportunities and overcome incomplete points. The 2020 business plan is quite modest compared to the current potential due to COVID- 19 can come back, “said Mr. Nam.

Tracodi also prepared many options to complete the plan, pay dividends to shareholders and prepare for the momentum to increase in 2021. Mr. Nam believes that the company is fully capable to complete the business plan 2020.

As for construction, Chairman Nguyen Ho Nam added that in 2019, Tracodi has restructured its operation and returned to the core business. At the same time, the company focuses on developing its competitiveness thanks to the advantage of building renewable energy with a huge construction and installation volume of over VND 20,000 billion.

Issue VND 250 billion of convertible bonds and ESOP for management

In addition, at the shareholders’ meeting, the report on the implementation of ESOP bonus shares policy for the Board of Directors, the Supervisory Board (the Supervisory Board) and the Board of Management in 2019 and 2020 was approved.

In particular, the number of ESOP bonus shares expected to be issued for 2019 is a maximum of 329,211 shares equivalent to VND 3.4 billion. Estimated time in the third quarter of 2019.

For 2020, the condition for issuing ESOP is that the company must meet or exceed the profit after tax plan approved by shareholders. In particular, if the plan is reached, the bonus is deducted 5% on profit after tax and exceeded, the deduction of up to 30% of the profit exceeding the plan.

Tracodi shareholders also approved adjusting the plan of issuing convertible bonds to strategic investors.

According to the management, at the present time, it needs to mobilize a lot of capital for the business activities of the company, so Tracodi decided to raise the issuing value from VND 100 billion to VND 250 billion for strategic partners with due terms. 3 years, fixed interest rate of 6% / year, annual interest payment.

This type of bond is converted into shares with the minimum conversion price expected to reach VND 12,500 / share, without collaterals and without warrants.

Source: vietnambiz.vn

TAG: