(NDH) TTF President Mr. Ho Anh Dung joined SAM's BOD. The company plans to take advantage of investment companies to develop industrial parks, resorts, golf, ...
On the morning of March 29, CTCP SAM Holdings (HoSE: SAM) held a 2019 Annual General Meeting to summarize the activities in 2018, discuss the 2019 plan, capital raising plan and other issues.
TTF Chairman joins the Board
At the meeting, shareholders approved the resignation of 3 Board members including Mr. Dao Ngoc Thanh, Tran Hai Quang, Hoang Tri Cuong and Head of Supervisory Board Nguyen Van Nguyen. The congress of additional elections replaces new personnel.
Regarding additional personnel, Mr. Ho Anh Dung (born in 1982) was nominated to be a member of the Board of Directors. Mr. Dung holds a Master's degree in Business Administration and is the Chairman of Truong Thanh Wood Industry Corporation (HoSE: TTF) and General Director of National Securities JSC.
The shareholders' representative owns 16.6% of the capital nominated by Mr. Chu Duc Tam (born in 1960) as a member of the Board of Directors. Mr. Tam is the Deputy General Director of Noble Vietnam Limited Company, Deputy General Director of Sacom-Tuyen Lam Joint Stock Company. He is also Vice Chairman of Vietnam Golf Tourism Association.
In addition, Ms. Le Thi Lan Huong (born in 1973) was also nominated as a member of the Board of Directors. She used to work at VNPT and Viettel, now she is the Standing Vice President of Infinity Group and the member of the Board of Directors of Sacom Real Estate (Samland).
Increasing capital to VND 3,500 billion
In 2019, SAM sets a revenue target of 3,575 billion dong, pre-tax profit of 201 billion dong, up by 27% and 22%, respectively, compared to the previous year's performance. Last year the company had a net profit of 115 billion dong, the highest level since 2010.
The company also plans to issue shares to increase its charter capital to a maximum of VND 3,500 billion. In particular, the company plans to issue nearly 7.5 million shares to pay 3% dividend. The Board also proposed to offer to existing shareholders with a maximum of nearly 93.5 million shares, equivalent to 37.54% of the outstanding shares with a minimum price of VND 10,000 / share.
All proceeds from the issuance will be used to (1) Invest in buying state shares to divest from reputable corporations, companies, short-term and long-term financial investments; (2) Debt structure; (3) Adding working capital.
Discuss
The member companies have low efficiency, not yet reached expectations. How do the leaders contribute and support to develop units such as Phu Tho Tourism (DSP), Protrade?
Company representative said that SAM owns nearly 35% of DSP capital, this is a potential company. Total revenue and profit both increased by VND 335 billion and VND 74 billion respectively. The cash of the company is huge when there is an abundant cash source of about VND 800 billion and a capital in Dam Sen Park.
However, the State currently accounts for 49% of the capital, so the investment of DSP is quite tight. SAM determined to be a strategic partner at DSP to exploit the status quo and become even more aggressive when divesting state capital. The profit plan for 2019 is 99 billion
With Protrade, SAM can take advantage of their technology in golf and industrial zones. In addition to industrial production from wire and cable, the company also plans to provide other services such as industrial park real estate. Meanwhile, Protrade has large industrial park land, golf experience and milk.
Tuyen Lam investment still lost despite potential? How do leaders have solutions?
Huge investment in SAM Tuyen Lam but due to large depreciation, it still suffers losses. In 2019, the company expects a total revenue of VND 100 billion and a loss of VND 26 billion. However, the nature of SAM Tuyen Lam's activities still has positive cash flow if not depreciated. Activities at this project are still going up. This is a long-term investment from 10 years ago but it has just been exploited for 3 years.
In addition, SAM plans to develop more villas and hotels, develop real estate. The company also asked to adjust the 1/500 plan in the second quarter of 2019 in order to invest in an amusement park to take advantage of Phu Tho's tourism experience.
In the golf segment, the growth rate in 2018 and the first 3 months of 2019 increased by 20% over the same period. The occupancy rate of the hotel is 43%, but in the first 3 months of 2019 it is up to 60%, the plan for filling in 2019 is at least 65%.
General Director Tran Viet Anh: The company will focus on four main areas including the core orientation of industrial development, including industrial production to provide industrial, logistics, wharf, ... services. especially industrial park.
With real estate, in addition to maintaining the existing land fund, the company continues to develop new projects for the next period. Notably, SAM has a goal of owning more than 100ha of Nhon Trach land to develop a large urban area to welcome Cat Lai Bridge to be completed in 2020. The company also has nearly 100ha of land development in the area of Long An and Can Gio. , ...
Resort tourism continues to attract foreign cash flow with major investments such as DSP, Protrade, SAM Tuyen Lam. The company determines tourism is the country's gold mine, so it continues to look for other projects to develop this segment.
With agriculture, the company invested heavily in agriculture for export. SAM has a major partner in New Zealand to brand the avocado and avocado market, in addition to developing a number of other areas for export.