Documents for AGM propose additional share issuance and set 2016 targets.
Vinamilk has released documents for its 2016 annual general meeting (AGM) noting the issues up for discussion.
Last year’s AGM agreed on a cash dividend of at least 50 per cent of its after-tax profit, with 10 per cent deducted for the development fund and 10 per cent for its bonus and welfare fund.
The Board of Management paid out the first interim dividend for 2015 at VND4,000 ($0.18) per share, with a finalization date listing recipients of August 14 and a payment date of September 4.
Based on its 2015 business results the Board of Management is proposing the AGM agree to a remaining dividend for 2015 of VND2,000 ($0.09) per share, with a finalization date of June 6 and a payment date of June 16.
Regarding its business plan for 2016, the company has targeted revenue of VND44.56 trillion ($1.99 billion), an increase of 11 per cent against 2015’s result, with pre-tax profit of VND10.02 trillion ($449.39 million), an increase of 7 per cent, and after-tax profit of VND8.26 trillion ($370.54 million), an increase of 6 per cent.
To mark its 40th anniversary the Board has proposed the AGM approve the issuing and listing of additional shares to existing shareholders, at a ratio of 1:5, with every five ordinary shares receiving one bonus share. The number of bonus shares to be issued will depend on the number of total outstanding shares at the finalization date and will be no more than 241,915,440 shares.
The maximum increase to its charter capital will be VND2.41 trillion ($108.11 million).