Vietnam International Commercial Joint Stock Bank (or VIB) concluded its AGSM 2018 successfully with presence of shareholders, holding 486m of stocks, accounting for more than 91.7 per cent of total voting shares, independent auditing company and representative of the State Bank. All proposals were passed by the shareholders present at the meeting.
VIB’s reports on 2017 performance and 2018 plan are approved absolutely by all shareholders entitled to vote at the meeting.
Relating to the approsal of profit appropriation and treasury plan 2017, shareholders approved the proposal of 36% dividend payment, including 5% and 31% payment by cash and stocks, respectively. The stock dividend depends on offering and issuing new shares to investors in form of private placement up to 10% of charter capital before granting treasury stocks to employees under ESOP. The Board of Directors (or BOD) will submit to the State Bank of Vietnam for approval before implementing 2017 profit appropriation and dividend payment.
The shareholders also approved the proposal of using nearly 2m of treasury stocks to grant ESOP stocks to staffs that had good contributions to the development of the Bank, and the proposal of selling remaining treasury shares to investors and/or distributing a part or the whole remaining treasury shares to shareholders.
Relating to 2018 business plan, the shareholders approved targets of gaining VND2,005-billion profit, up 43% year-on-year, and 22% increase of total assets to VND150 trillion. In addition, VIB plans to have its chatered capital up 43.5% to VND8,100 billion by offering and issuing new shares to investors in form of private placement up to 10% of charter capital, issuing bonus shares by using reserves and retained earnings.
The shareholders also approved the Bank’s plan to debut on HCMC bourse within this year and relocate the headquarter to Ho Chi Minh City from Hanoi. Besides maintaining the Bank’s scale and strength in Hanoi and the North, a successful relocation to Ho Chi Minh City will enable VIB to be a financial institution with excellent balance of business sphere.
In addition, the shareholders passed the proposal of dismissing Mr Michael John Venter, board member, and replacing by Michael John Murphy for the seventh term of office (2016-2019). Other reports of Board of Supervisors (or BOS) and remuneration report of the BOD and BOS were also approved.
“In order to finish the duties, we will be consistent with long-term targets and strategies, including creating outstanding products, safe and high-quality bank and investing in human development. We are doing our best to support the development of community, contribute responsibly and positively to the robust and transparent finance and banking industry in Vietnam,” said Mr Dang Khac Vy, Chairman of the Board of Directors in VIB.
Source: VIB