This morning (28 February), F.I.T Investment JSC (F.I.T) held 188bet thể thao 2015 Annual General Meeting at 17T1 Hapulico building.
At the end of the meeting, the shareholders voted to approve a number of reports of the Board of Directors (BOD): Plan to change from HNX-listed to HOSE-listed, Plan to increase capital in 2015, Proposal to allow 188bet to purchase 51% chartered capital of F.I.T without a public offer…
Notably, 188bet thể thao shareholders also approved 188bet thể thao plan for F.I.T to increase its share capital to VND 3,000 billion through 2 issuances. 188bet thể thao capital raised will be used to contribute capital to subsidiairies and associates (more than VND820 billion) and provide additional working capital.
Happenings:
11h35:
Read and vote to approve 188bet thể thao Annual General Meeting Minutes.
According to 188bet thể thao voting result, 188bet thể thao entire contents proposed by 188bet thể thao BOD are approved.
11h15: Announce 188bet thể thao voting result.
188bet thể thao shareholders approved 188bet thể thao entire contents proposed by 188bet thể thao BOD and 188bet thể thao Board of Management.
11h06:
Meeting breaks following 188bet thể thao Question & Answer session after voting to approve 188bet thể thao proposal reports.
– Shareholders: Does 188bet thể thao Company have any concerns of not succeeding after significant capital increase? Does 188bet thể thao Company have any plan to use additional funding sources?
– Mr. Phan Trung Phuong: We are confident 188bet thể thao issuance will be successful, if shareholders sitting here supports us; because 188bet thể thao business orientation of 188bet thể thao company is very clear, and 188bet thể thao potential in 188bet thể thao stock market is still very great.
Even if shareholders do not participate in all, we believe that strategic shareholders, both domestic and foreign, (such as 188bet thể thao target of changing listed stock exchange) will participate. Currently, F.I.T also noted 188bet thể thao great interest of 188bet thể thao shareholders, so 188bet thể thao issuance of F.I.T is feasible goal.
As for other funding sources, we have also calculated and if there are any matters requiring shareholders’ acceptance, we will consult shareholders for approval.
– Shareholders: After increasing capital to VND 3,000 billion, F.I.Tsurely will invest in further industries via M&A as disclosed by 188bet thể thao Company. Can 188bet thể thao Company disclose in more details?
– Mr. Phan Trung Phuong: Agricultural and pharmaceutical industries are of very large scale. Therefore, when our capital is 3.000 billion, if there is one more number “0” behind, it is still not not too large compared to 188bet thể thao size of 188bet thể thao industry development. This is a sector with great potential. In another occasion, we will present more detailed works we have done with TSC.
– Shareholders: We appreciate 188bet thể thao success with TSC, but does a sturdy capital increase in TSC require too many resources from F.I.T? What will F.I.T do with 188bet thể thao next strategy?
– Mr. Phan Trung Phuong: Before F.I.T invested in, TSC had been listed in HOSE but incurred huge losses and could have been delisted if such losses continued. When we researched TSC, we found that TSC had grounds to be restructured, from assets to subsidiaries.
And 188bet thể thao ambitious plan to eliminate 188bet thể thao accumulated losses have been successful up to this time, exceeding far more than expected due to 188bet thể thao strong development of its subsidiaries.
In 2015, TSC sets profit target of VND 150 billion. A very positive point is that Pharmaceutical Agriculture JSC (TSP), a subsidiary of TSC, which is invested in large scale with a factory to achieve revenue of VND trillions, used to incur constant losses but now has generated profit steadily since F.I.T participated in restructuring. Business performance of TSP will definitely rise to meet its capacity.
With Westfood, we decided to double 188bet thể thao capacity of 188bet thể thao plant, but it only partially meet 188bet thể thao needs of customers. Currently, given 188bet thể thao demand from Westfood’s customers, investing an additional large-scale plant in Can Tho is being considered. A few hundred billion additional capital is trivial to 188bet thể thao growth potential of 188bet thể thao company.
– Shareholders: Will business performance keep up with 188bet thể thao significant increase of VND 3,000 billion in capital?
– Mr. Phan Trung Phuong: We have calculated that with specific activities and major segments, meeting 188bet thể thao plan goals is quite certain. If you have ever noted, since 2013, F.I.T has always exceeded 188bet thể thao budget, even far beyond 188bet thể thao business plan proposed by 188bet thể thao Annual General Meeting.
With TSC and other segments, we believe that 188bet thể thao Company’s profit increase will be sustained correspondingly to ensure 188bet thể thao business performance of 188bet thể thao Company
10h40:
Voting to approve Reports of 188bet thể thao BOD and 188bet thể thao Board of Directors is completed. 188bet thể thao question & answer session between shareholders and chairman starts:
– Shareholders: Why does 188bet thể thao Company invest in DCL, when DCL had some negative information related to operation and administration?
– Mr. Phan Trung Phuong: Every company, especially state-owned enterprises, has certain shortcomings. However, DCL is now operating in 188bet thể thao pharmaceutical industry which has good growth potential.
DCL operates in 3 distinct and very potential segments:
– Providing needles, medical instrument accessories.
– Antibiotics, pharmaceuticals..
– Capsule: exclusive and well perform.
DCL yielded more than VND 38 billion of profit in 2014, after making provision of VND 50 billion. F.I.T invests in DCL not only in financial perspective but also in human resources. Therefore, financial and business performance will surely be improved. If shareholders recognize 188bet thể thao success of F.I.T with TSC, they will recogrnize 188bet thể thao positive result after DCL is restructured.
– Shareholders: Why does F.I.T have to change 188bet thể thao stock exchange? When will 188bet thể thao additional issued shares be available?
– Mr. Phan Trung Phuong: When established and restructured in listed securities, shares which do not meet certain standards must be transferred from HOSE-listed to HNX-listed, and even further, those under 188bet thể thao standards must be listed in UPCOM.
From 188bet thể thao point of view of foreign investors, there are more good shares listed in HOSE, although HNX also have several good shares of large scale capital. Therefore, many foreign investors also wonder why F.I.T has not been listed in HOSE, therefore 188bet thể thao change in stockchange is to enhance reputation of F.I.T with foreign investors.
As for 188bet thể thao additional issued shares, we intend to collect 188bet thể thao money for 188bet thể thao company as soon as possible. At 188bet thể thao moment, we are carrying out 188bet thể thao procedures, and we expect that on 10 March, 188bet thể thao new issuance will be completed.
10h00:
Accordingly, F.I.T proposed to increase chartered capital to VND 3,000 billion via 2 stages.
In details, in 188bet thể thao first stage, F.I.T will sell nearly VND 900 billion share capital to existing shareholders at a ratio of 1:1, at 188bet thể thao price of VND10,000/share. Expected execution time is quarter II/2015, after being approved by 188bet thể thao SSC.
188bet thể thao purpose of this stage is: capital contribution to subsidiaries and associates: over VND 555 billion; 188bet thể thao rest of more than VND 336 billion is for additional working capital.
188bet thể thao second stage: shares with value of more than VND 1,208 billion will be sold to existing shareholders and strategic shareholders.
Accordingly, existing shareholders can buy shares at a ratio of 2:1, at 188bet thể thao price of VND 10,000/share. A private placement of shares of with value of VND 318 billion will be carried out at a price determined by 188bet thể thao BOD, but not lower than book value.
188bet thể thao capital raised will be used to contribute capital to subsidiaries and associates (more than VND 820 billion) and supplement working capital.
9h30:
Total shareholders attending 188bet thể thao meeting are over 71% of shareholders with voting rights of 188bet thể thao Company.
At this meeting, the shareholders’ meeting will discuss and approve the contents relating to: Income Statement of 2014 and Business Plan of 2015; Report of the BOD in 2014; Report of the Supervisory Board and the Board of Directors in 2014; Audited Financial Statements of 2014; Selection of auditor in 2015; Profit distribution plan of 2014; Finalization of remuneration of the Board and Supervisory Board in 2014 and plans for 2015; Planning to change stock exchange from HNX to HOSE; Capital increase plan in 2015; Proposal to allow 188bet to buy 51% of chartered capital of F.I.T without a public offer; authorization for the BOD to amend its charter in accordance with the new Enterprise Law; authorize the BOD to decide on transactions greater than 35% of chartered capital.
9h20:
Mrs. Nguyen Thi Minh Nguyet, CEO of F.I.T presents Report of 188bet thể thao Board of Management. In 2014, F.I.T has achieved and exceeded most of 188bet thể thao business plan, such as total sales of 247.7 billion, accounting for 98% of 188bet thể thao annual plan; Profit after tax of 146.03 billion, equivalent to 185% of 188bet thể thao plan.
For 2015, 188bet thể thao Board of Directors proposes to 188bet thể thao Annual General Meeting to approve 188bet thể thao target of VND 2,309 billion revenue and VND 251 billion profit after tax.
188bet thể thao Board of Directors set 188bet thể thao target for 2015 to continue 188bet thể thao traditional business of share investment, individual financial services; real estate trading in addition to increasing investment in consumer goods, pharmaceutical,…; develop business through M&A of companies and projects.
9h30: Mr. Phan Trung Phuong, Chairman read 188bet thể thao Report of 188bet thể thao BOD. According to Mr. Phuong, in 2015, F.I.T will expand investment into pharmaceutical, in particular, Cuu Long Pharmaceutical (DCL).
