On October 8, Industrial Construction Joint Stock Company (Descon) held the 2020 annual General Meeting of Shareholders. Shareholders approved the plan to reduce the total revenue by 72% to 15 billion VND and lose 60 billion VND, no dividend.
At the session, General Director Nguyen Quang Minh said in the last 3 months of the year, the company will restructure its debts with suppliers.
According to the 2019 financial report, Descon currently has VND 509 billion in short-term debt and VND 200 billion in long-term debt. The company also has to pay short-term sellers of VND 609 billion.
Business has been nearly stagnant since mid-2018 until now. The business report shows that the company has a loss of nearly 388 billion dong in 2018 and another loss of nearly 52 billion dong in 2019. The accumulated loss is 380.5 billion dong. By 2019, the company will have only 20 employees compared to 170 in 2017 and 102 in 2018.
At the end of 2018, the People’s Court of Ho Chi Minh City decided to open bankruptcy proceedings for Descon. By May 2019, the court canceled the decision to open bankruptcy proceedings.
At the meeting, the Board of Directors also submitted to shareholders the stock listing implementation plan to improve liquidity, improve operating capacity and transparency in production and business, and create a long-term capital mobilization channel through stock market. However, due to delayed business activities, the 2019 listing plan has not been implemented.
Shareholders approved the plan to list shares on HoSE as soon as the conditions are met. According to the proposal stated in the report, the company proposes to register transactions on UPCoM system as soon as possible. Descon will then list its shares on the HoSE when it meets the listing requirements.
In 2010, Descon was forced to delist due to serious violation of regulations on information disclosure.
The General Meeting of Shareholders approved the dismissal of all and additional election of members of the Board of Directors and the Supervisory Board for the term 2017-2021. The list of candidates for the Board of Directors includes Mr. Chau Anh Tuan (currently the Chairman of the Board of Directors) and 4 new members: Mr. Trinh Thanh Huy, Ms. Nguyen Thi Thanh Huyen, Mr. Tran Thanh Hai and Mr. Nguyen Quang Minh (currently the General Director).
The Supervisory Board includes Head of the Board Nguyen Manh Tuan Vu and two members, Ms. Mai Thi Ngoc Anh and Chau Nguyen Trang Thu.
The meeting ended with the papers approved.
Source: ndh.vn – Translated by fintel.vn
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