Construction Joint Stock Company 47 (HOSE: C47), an esteemed associate company of Vu Phong Energy Group, successfully convened its Annual General Meeting of Shareholders (AGM) 2022 on April 24, 2022. The pivotal meeting, held at Hai Au Hotel Bien Cuong in Quy Nhon City, Binh Dinh, set the strategic direction and outlined significant milestones for the company’s future. This gathering provided a crucial platform for stakeholders to review C47 financial performance and approve C47 growth plans, reinforcing its commitment to sustainable development and robust corporate governance.
C47 Holds Successful 2022 AGM: Key Decisions
The C47 Annual General Meeting saw the attendance of 46 delegates, who owned and were authorized to represent 15,157,040 voting shares, accounting for 55.06 percent of the total voting shares. The Congress approved several important agenda items, reflecting the company’s strategic vision for the coming year. These included the 2022 production and business plan, the profit distribution plan for 2021, and the dividend payment plan for 2022. Additionally, shareholders approved a stock offering plan designed to increase charter capital, alongside the election of additional members to the Board of Directors (BOD) for the 2020-2025 term. These collective decisions underscore the forward-looking approach of C47 shareholders and their commitment to the company’s long-term prosperity, forming the core of the C47 2022 AGM key decisions.
Financial Performance and Future Plans
Mr. Phong, Pham Nam, Chairman of the Board of Directors of Construction Joint Stock Company 47 (C47), who also serves as Chairman of the Board of Directors of Vu Phong Energy Group, presented the BOD’s comprehensive report for 2021 and the operating plan for 2022. The consolidated financial statements revealed a strong performance for C47, with pre-tax profit reaching over 56.7 billion VND by the end of 2021, and profit after tax exceeding 43.2 billion VND. This represents a remarkable increase of over 235 percent compared to the previous year. In 2021, C47 secured numerous significant installation contracts for major projects, including the Hoa Binh Hydropower Plant Expansion, Phu Phong Weir Dam (Binh Dinh), a separate wastewater collection system and sewers to transfer rainwater to the Han River (Da Nang), and Ta Hoet reservoir (Lam Dong). Continuing this momentum into early 2022, C47 signed new contracts and commenced construction on prominent projects such as Long Thanh Airport (Dong Nai) and the Hoa Phat Iron and Steel Complex Project Phase 2 (Quang Ngai). Furthermore, C47 is actively negotiating the execution of overseas projects to expand its market share and enhance overall company efficiency. The production and business plan for 2022 sets ambitious targets, aiming for a total revenue of 1,400 billion VND and a profit after tax of 60 billion VND, signifying increases of 52% and 39% respectively over the 2021 performance. This aggressive stance highlights C47 future business strategy and capital increase, demonstrating the company’s focus on sustained growth.
Mr. Phong, Pham Nam – Chairman of the BOD of C47 (also Chairman of the BOD of Vu Phong Energy Group) – presented at the 2022 Annual General Meeting of Shareholders
Dividend Payment Plan
At the General Meeting, C47 shareholders also approved the profit distribution plan for 2021 and the dividend payment plan for 2022. For 2021, C47 will issue a dividend of 10% in shares from undistributed after-tax profit and an additional 10% bonus shares from the Investment and Development Fund. Looking ahead to 2022, the company committed to a dividend payment rate of at least 10% of profit after tax, which will be distributed through either cash or stock payments. This consistent approach to profit distribution reinforces the company’s commitment to delivering value to its investors.
C47 Shareholders Approve Stock Offering to Increase Capital
A significant outcome of the C47 Annual General Meeting was the approval of a plan to offer additional stocks, aiming to substantially increase the company’s charter capital. The plan anticipates the offering of more than 41.1 million stocks. This includes over 15 million shares designated for existing shareholders, up to 25 million individual shares, and 1.1 million shares reserved for employees under an Employee Stock Ownership Plan (ESOP). The total expected value to be mobilized from this offering, at par value, exceeds an impressive 411 billion dongs, providing a solid foundation for future C47 growth plans and investments in areas like renewable energy projects.
Delegates participating in voting at the General Assembly
Election of New Board Members
The General Meeting of Shareholders also concluded with the approval of new members for the Board of Directors for the 2020-2025 term. Mr. Lam, Le Dong was successfully elected to the C47 BOD, bringing new expertise to the leadership team. The newly constituted C47 BOD comprises Chairman Mr. Phong, Pham Nam; Vice Chairman Mr. Binh, Ta Nam; and Board members Mr. Nam, Le Trung, Mr. Quang, Duong Minh, Mr. Tuynh, Bui Van, Mr. Lam, Le Dong, Mr. Hieu, Vo Trong, and Mr. Hai, Nguyen Huu. This composition reinforces the company’s strong corporate governance and commitment to experienced leadership.
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Construction Joint Stock Company 47 (C47) stands as a leading enterprise in the construction industry, specializing in irrigation, hydropower, civil, and industrial works across Vietnam. With over 46 years of establishment and development, C47 has consistently demonstrated exceptional expertise, mastering advanced construction technology, including pioneering methods like roller-compacted concrete (RCC) and tunneling technology using TBM Tunneling Robots (implementing over 15km). The company boasts a portfolio of key projects valued in trillions of dong, consistently earning high acclaim from investors and regulatory agencies. Beyond its traditional construction strongholds, C47 has strategically diversified its business lines into various sectors such as restaurants, hotels, travel, tourism, overhaul of construction machinery, manufacturing mechanical engineering products, production of fresh and precast concrete components, training and labor export, electricity production, testing mechanical strength of structural concrete, and the exploitation and transportation of construction materials. This broad operational scope highlights C47’s robust and adaptable business model. In addition to these established segments, C47 is actively increasing its participation in emerging sectors. These include highway projects, anti-flood and anti-salinity initiatives, river and sea embankment constructions, Metro projects, airport and port infrastructure, renewable power plant projects, civil building projects, factories, and industrial park infrastructure. This strategic expansion aligns with national development goals and market demands, showcasing C47’s forward-thinking approach to sustainable growth. Notably, in the burgeoning field of renewable energy, C47 formed a significant partnership in 2021 by signing a Memorandum of Understanding (MoU) with Vu Phong Energy Group and STEAG (Germany). This collaboration aims to provide consulting services for the development and implementation of wind power projects in Vietnam, further solidifying C47’s role in sustainable investment and the nation’s energy transition. |
Vu Phong Energy Group
For further insights, refer to the original Vietnamese report on the 2022 AGM.
