A series of banks such as Military Commercial Joint Stock Bank (MB MBBank), Southeast Asia Commercial Joint Stock Bank (SeABank), Asia Commercial Joint Stock Bank (ACB), and Vietnam Technological and Commercial Joint-Stock Bank (Techcombank) and large enterprises have to inform to shareholders about the delay of holding the general Meeting of Shareholders, instead of March and April, it will be held by the end of June at the latest. The general Meeting of Shareholders have never been as quiet and dull as this year.
On March 25, An Phat Green Plastic Joint Stock Company (AAA) held a shareholder meeting with all 29 participants. In order to ensure the safe organisation, the Company has required shareholders to write a commitment not to move from the epidemic area within 14 days and to be in good health condition, together with preventive measures according to Ministry of Health.
If AAA delayed the schedule a bit, it could not be organised because recently, the prime minister has issued a directive to stop meeting activities, events gathering over 20 people in 1 meeting room, before The end is from March 28 to April 15.
At the meeting, Nguyen Le Trung, general director of AAA, shared that the pandemic had a great impact on the economy in general and each industry in particular.
For AAA, the company’s products are essential products, related to food and foodstuffs, so it is less affected than many other industries.
In 2020, the company will continue to expand the market, focusing on exports to major consumer markets in Europe, Australia, Japan and the United States.
On March 30, Pha Lai Thermal Power Joint Stock Company (PPC) will hold the Annual general Meeting of shareholders (AGM) as planned, but enclose methods to ensure safety for shareholders such as location at a large hall, sufficient for attendees to sit at a distance of two meters, at the same time implementing preventive measures against the epidemic.
Moreover, with the number of shareholders registered up to 18 people (including the Executive Board), the company ensures to abide by the prime minister’s regulations not to gather more than 20 people, to prevent Covid 19.
In 2020, PPC plans 8.277 trillion dong of revenue, up one percent. Profit before tax is expected to be nearly 677 billion dong, a decrease of nearly 56 percent compared to the level implemented in 2019.
This year, PPC expects to produce 6.2 million kWh of electricity, of which 90 percent is sold to Electricity of Vietnam (EVN).
The degradation of some units will require major repairs as well as high repair costs in 2020.
The company is preparing cash flow to timely serve the cost of production and business with the highest efficiency and prepare capital for Pha Lai 3 project, speeding up the implementation of additional planning of this plant in the Total electrical diagram VIII. On the other hand, PPC plans to repair with total value of 630 billion dong and invest nearly 249 billion dong.
For businesses with a large number of shareholders attending, the AGM will be postponed.
For example, Refrigeration Electrical Engineering Joint Stock Company (REE) planned to hold a congress on March 31, but Nguyen Thi Mai Thanh, President of REE, said that, although it was finished, the company still delayed the organisation to comply with regulations on epidemic prevention.
According to Thanh, it is a pity that business leaders and shareholders are ready for the meeting, but the delay is also reasonable for the community.
In 2020, REE aims to achieve revenue of 5.965 trillion dong, up 23%; net profit is 1.620 trillion dong, down 1.2 percent compared to 2019. REE expects to submit to shareholders through the restructuring of the governance model, changing to Holdings model.
Currently, REE directly manages 12 member companies and investments in 19 associated companies.
The company said that the current direct management did not fully reflect the business results, efficiency, profitability potential of each segment of operations on the consolidated financial statements.
This has led to restrictions on capital mobilisation as well as investment development, so a restructuring is needed. The Holdings company model can solve the above problem, but this is currently the idea of the Board of directors.
In order to reach a resolution and implementation, REE needs to successfully organise the AGM in accordance with the Enterprise Law, to get shareholders’ consent. Therefore, AGM is the expectation of both enterprises and REE shareholders.
