Over the past three years, the manipulation of voting rights or shareholder activism among leaders in the board of directors in Vietnam-based commercial banks was among the most debatable issues brought up at the banks' annual general meetings (AGM). AGMs aimed at appointing new leaders of banks as to create a fair voting environment On April 20, Sacombank (HSX: STB ) scheduled to hold its AGM to evaluate the 2017 financial year. The AGM will appoint two members of the bank's board of directors (BoD) for the term 2017-2021, one of whom would be an outside director. Previously, Kieu Huu Dung, permanent vice president of the BoD at Sacombank, handed in his resignation due to personal reasons, which was later approved by the bank's BoD. Notably, Dung was elected as a member of the bank's BoD for the term of 2017-2021, leaving three years befire his term would have ended. As announced by Sacombank, the proposal of dismissing Kieu Huu Dung as a permanent member of the BoD would … [Read more...] about Shareholder activism tops banks’ AGM agendas
Thai Beverage is longing for Vietnamese authorities' solution to its official complaint over its lack of power at Saigon Beer, Alcohol and Beverage Corporation (Sabeco) in time of the Vietnamese largest brewer’s annual general shareholders’ meeting on April 6 that might see three members of the Thai firm join the board. Thai Beverage demands power at Sabeco proportional to its roughly 50 per cent ownership In a complaint letter sent to the Vietnamese government, Thaibev said that it has not been allowed to join the management board or make any decision at Sabeco, four months after purchasing half of the outstanding shares. Yesterday, in response to Thaibev, Vietnam’s Government Office said that Deputy Prime Minister Vuong Dinh Hue has ordered the Ministry of Industry and Trade (MoIT) to immediately investigate the matter. MoIT is currently the second largest shareholder at Sabeco with 36 per cent of the stakes. “MoIT needs to consider the suggestions … [Read more...] about Will Thaibev’s complaint about Sabeco be resolved in time of AGM?
The LienVietPostBank, SCB, MB and VIB are due to organise the annual general meeting (AGM) of shareholders this week. LienVietPostBank will organise the annual general meeting of shareholders on March 28. - Photo LienVietPostBank At the AGM on March 28, LienVietPostBank will elect members of the board of directors and the supervisory board for the 2018-2023 period, including a new chairman to replace Nguyen Duc Huong. On the same day, SCB will also hold the AGM, where it will report to shareholders a pre-tax profit target of VND224 billion and its plans to raise the charter capital to VND16.6 trillion (US$731.3 million), as well as issue 60 million bonus shares to the existing shareholders in 2018. At the AGM of MB on March 29, the bank is expected to submit a profit plan of VND6.8 trillion in 2018, up 47 per cent against last year. The total targeted asset will increase 11 per cent to VND347.6 trillion, while the mobilised capital and outstanding loans will rise by 11 per … [Read more...] about Four banks to organise AGM this week
According to a report issued by Masan on April 26, the group's EBITDA reached VND1.6 trillion (over $73 million) in the first quarter of 2016. One of Vietnam’s largest private company's revenue grew nearly 2.5 times over same period last year. The report showed first quarter net sales of VND8.8 trillion ($394 million), a leap of 144.6 percent compared with the first quarter of 2015. Sales of branded food and beverages were flat due to an early Tet holiday, but they were offset by the company's beer business that delivered net sales growth of 163.7% compared to Q1 in 2015. Subsidiary Masan Resource achieved VND806 billion in net sales, similar to last year. Masan Resources delivered 31.3% growth in EBITDA, benefitting from increased production of its new tungsten chemical processing facility and improved operational efficiency. As of March 31, Masan’s cash, cash equivalent and interest bearing assets totaled VND12.6 trillion ($566 million). Including the upcoming balance … [Read more...] about Food and beverage giant Masan reports record first quarter earnings
Nawaplastic still hungry for Binh Minh Plastic shares Owning a dominant stake in Binh Minh Plastic (BMP) did not quench Nawaplastic Industry Co., Ltd. (Nawaplastic)’s thirst for BMP shares. Most recently, Nawaplastic registered to buy an additional 1.17 million BMP shares to increase its holding to 44.525 million shares, equalling 54.39 per cent of the charter capital. The transaction is expected to occur between June18 and July16. The registered share volume is the remaining part of the 2.86 million shares that Nawaplastic failed to buy during previous transactions. Notably, Nawaplastic registered to buy 2.86 million BMP shares during transactions on May 14-June 12, however, the Thai investor ended up buying 1.69 million of the registered shares as BMP did not match Nawaplastic’s target price. BMP manufactures and trades civil and industrial products made of plastic and rubber. The company also designs, manufactures, and trades in plastic moulds for the casting industry; … [Read more...] about BUSINESS IN BRIEF 19/6