AsemconnectVietnam - Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII code - HoSE) has just announced the documents of the 2023 Extraordinary General Meeting of Shareholders; the meeting is scheduled to be held on September 19 in HoChiMinh city.

In the upcoming Extraordinary General Meeting, CII submits to shareholders to adjust its business line from trading in real estate, land use rights belonging to the owner, user or tenant to trading in real estate, land use rights belongs to the owner, user or lease (details of real estate business (excluding investment in construction of cemetery and graveyard infrastructure to transfer land use rights and infrastructure)).
Explaining the adjustment, CII said that Decree 31/2021/ND-CP dated March 26, 2021 of the Government stipulates "Investment in construction of technical infrastructure of cemeteries and graveyards to transfer use rights land associated with that technical infrastructure" is an industry and profession that has not yet had market access for foreign investors.
Therefore, adjusting business lines is necessary to comply with the current maximum foreign ownership limit at CII Company. At the same time, the adjustment does not affect current business operations.
In addition, CII also submitted to shareholders that quickly researching and proposing BOT projects according to Resolution 98 will help the company gain the advantage of first-mover investors, have more time to evaluate feasibility, and also such as choosing a project appropriate to the scale of operations.
Firstly, the Company plans to launch a list of BOT projects with a total scale of VND 75,000 billion, including 6 projects implementing investment research, including the City Expressway project. Ho Chi Minh City - Trung Luong - My Thuan phase 2 with an investment capital of VND22,000 billion; the project to improve traffic capacity in the Northwest area of Ho Chi Minh City with investment capital of VND19,059 billion; Project to upgrade and expand National Highway 1A section from Tan Kien intersection to Long An border with total investment capital of VND11,982 billion; project to improve traffic capacity along Pham Van Dong - Nguyen Xi - Ung Van Khiem - Nguyen Huu Canh route with a total investment of VND10,108 billion; Project to upgrade and expand the North-South axis (Nguyen Huu Tho street) from Nguyen Van Linh to Ben Luc Long Thanh expressway with an investment capital of VND6,625 billion; and finally, the project of upgrading and expanding the route connecting the city expressway. Ho Chi Minh City - Trung Luong with an investment capital of VND5,048 billion.
Regarding investment expansion into new fields, CII Company plans to expand into the field of medical infrastructure. In which, CII is studying cooperation with famous hospitals in Ho Chi Minh City, including the public and private sectors, to invest in service infrastructure in the field of medical examination and treatment such as cooperation in building clinics and medical accommodation facilities located in gateway areas connecting the city. HCM with neighboring provinces, taking advantage of highways so that patients from outside the province can conveniently travel, while reducing the load on inner-city examination areas.
In the field of retirement real estate combined with medical care, CII Company is also researching and developing a model of retirement real estate combined with medical care. In particular, this type of product will target customers who are middle-aged, about to retire, have families with elderly people, as well as overseas Vietnamese and foreigners who wish to choose Vietnam as a place to retire and convalesce with children and grandchildren.
This type of real estate will be located in locations capable of connecting to highways that have been and are being formed to shorten travel time to HoChiMinh city. Thanks to that, travel and visits of family, children and grandchildren as well as medical examination and treatment will no longer be a major concern.
In terms of business activities, in the first 6 months of 2023, CII Company recorded revenue of VND1,591.34 billion, down 6.8% over the same period and the parent company's profit after tax recorded VND43.22 billion, down 94% over the same period. In which, gross profit margin decreased from 41.7% to 30%.
N.Nga
Source: VITIC/Tinnhanhchungkhoan