First Annual General Meeting of Viglacera Corporation successfully taken place
On July 2nd, in Hanoi, VIGLACERA Corporation organized the First Annual General Meeting and officially restructure from a State-own Enterprise to a Joint Stock Company. Mr. Luyen Cong Minh, Nguyen Anh Tuan, Tran Ngoc Anh, Nguyen Quy Tuan, Luu Van Lau were elected members of Board of Directors. Mr. Luyen Cong Minh will be Chairman of the Board, and Mr. Nguyen Anh Tuan will be General Director of Viglacera Corporation.
Deputy Minister of Construction Bui Pham Khanh and Deputy Minister of Construction Nguyen Tran Nam congratulated the Board of Directors and Supervisory Board elected by shareholders at the meeting
Attending the meeting were Deputy Minister of Construction Bui Pham Khanh, Deputy Minister of Construction Nguyen Tran Nam, Head of departments, institutes, corporations under the Ministry of Construction, and Viglacera shareholders.
At the meeting, Viglacera shareholders discussed and approved the Organization and Operation Charter of Viglacera Corporation, business plans, investment plans, profit distribution for 2nd half of the year, audit selection, and remuneration of the Board of Directors and the Supervisory Board.
Viglacera also announced the legislation on Corporation Equitization. According to Decision 716/QD-BXD issued by the Minister of Construction dated 24 June 2014 about/on equitization plan adjustment of Viglacera Corporation, the charter capital of Viglacera Corporation is: VND 2,645 billion (two thousand six hundred forty five billion Dong). Initially issued shares: 264.5 million shares, valued VND 10,000 per share. Among which, 241,985,262 shares are held by the State, equivalent to 91.48% of charter capital; 1,441,645 shares are incentively issued to employees in enterprises, equivalent to 0.55% of charter capital; 21,073,093 shares are issued to other shareholders, equivalent to 7.97% of charter capital.
Viglacera Shareholders voting
Viglacera has set revenue targets of VND 155 billion for the 2nd half of 2014, and of VND 270 billion for the whole year. Business development strategy and targets are well-supported by the majority of shareholders.
After equitization, the parent company continues to invest in three key areas: building materials, real estate, and other sectors. In real estate sector, the parent company will focus on key projects including: Dang Xa 2, Xuan Phuong urban areas, Thang Long Number One high class housing complex; low-income housing projects in Dang Xa II, Tay Mo, and Xuan Phuong; projects in Yen Phong 1 and 2 Industrial Zones, Dong Mai, Hai Yen; clean water supply and water treatment in Yen Phong. In building materials, the parent company invests in energy saving glass project. For other sectors, the parent company proposes plans for research and development of aerated autoclave concrete and laboratory equipment for the Institute, and implements a number of scientific research.
Deputy Minister of Construction Bui Pham Khanh gave speech at the Meeting
Speaking at the meeting, Deputy Minister of Construction Bui Pham Khanh appreciated great development efforts of Viglacera recently, and affirmed that Viglacera was a leading brand with great contributions to the construction industry. Deputy wished, after restructuring to a joint stock company, Viglacera would continue to grow, and become a strong brand in Vietnam and in the region.
During the 40 years of development, Viglacera has undergone several changes in name and organizational models, but this restructure can be an important turning point for the Corporation. The joint stock model creates more opportunities than challenges for the Corporation. Along with equitization and implementation of the enterprise restructuring proposal that was approved by the Ministry of Construction, Viglacera has been changing organizational management and executive management procedure, expanding opportunities to approach capital markets and diversing funding methods in order to increase production and financial capacity. Equitization process in conjunction with the reorganization of production and commercial management systems activity generates specialization in production and distribution of products to the market. Thus, Viglacera can continue to grow, develop, and become a multinational business.
