AsemconnectVietnam - Construction Corporation No.1 - JSC (code CC1 - UPCoM) announced the documents of the 2024 Annual General Meeting of Shareholders, the meeting was held on May 24 online.

In 2024, Construction Corporation No. 1 plans a revenue of VND11,600 billion, an increase of 107% over the same period, and an expected pre-tax profit of VND590 billion, an increase of 95% compared to 2023. Meanwhile, dividends are expected to increase from 9% in 2023 to 12% in 2024.
It is known that in 2023, Construction Corporation No.1 will record net revenue of VND5,611 billion, equal to 52% of the plan and profit after tax of VND220 billion, equal to 119% of the profit plan of VND185 billion.
Regarding key plans in 2024, Construction Corporation No. 1 said it will transfer the stock exchange from UPCoM to HOSE (expected to submit listing registration documents in 2024); proactively complete capital plans to respond promptly and effectively in production and business activities; Expand and develop diversification of business lines; increase charter capital.
Regarding the profit distribution plan, Construction Corporation No. 1 submitted to shareholders a plan to pay dividends in 2023 in shares at a rate of 9% (the plan at the beginning of the year was only 5%). Of which, the total number of shares expected to be issued to pay dividends is more than 32.2 million shares and is expected to be deployed in 2024, after receiving written approval from the State Securities Commission.
In addition, related to capital increase, Construction Corporation No. 1 also submitted to shareholders a plan to issue 200 million individual shares to a maximum of 10 investors. Individually issued shares are subject to maximum transfer restrictions. at least 1 year and expected to be implemented in 2024, after receiving written approval from the State Securities Commission.
In particular, the amount of money mobilized, Construction Corporation No. 1 will be used to improve financial capacity, scale of operations and competitiveness, thereby creating a basis for sustainable development in the future ( including additional capital for business activities; financial investment, machinery, equipment, construction tools and research into the use of new materials in construction investment to improve capacity and quality. construction, speed up construction progress, reduce costs; and improve the ability to expand and develop business activities).
Thus, if two capital increases are completed, paying dividends in 2023 and issuing private shares, the charter capital of Construction Corporation No. 1 will increase from VND3,585.1 billion to VND5,907.4 billion.
In addition, Construction Corporation No. 1 also submitted to shareholders a plan to sell 337,800 treasury shares, with the purpose of supplementing capital for production and business activities and is expected to be implemented in 2024, after being approved by the State Securities Commission.
Mr. Phan Huu Duy Quoc joins the Board of Directors for the 2021 - 2026 term
And the final content, Construction Corporation No. 1 submitted to shareholders to dismiss Mr. Nguyen Thien Tam as a member of the Board of Directors according to personal wishes. In contrast, the Company submitted to shareholders the addition of Mr. Phan Huu Duy Quoc as a member of the Board of Directors for the 2021 - 2026 term.
According to research, Mr. Phan Huu Duy Quoc was born in 1973 and has a PhD in Construction (Tokyo University - Japan). Among them, Mr. Quoc is Chairman of the Board of Directors at Searefico Engineering and Construction Joint Stock Company from January 2023 to present; Vice Chairman of the Board of Directors of Greenpan Vietnam Joint Stock Company from April 2022 to present; From March 2021 to January 2022, he will be Deputy General Director at Coteccons Construction Joint Stock Company (CTD code - HOSE)...
Besides working at private organizations, Mr. Quoc also holds many important roles such as member of the State Inspection Council's expert group on project acceptance work; Member of the Technical Advisory Board for Ho Chi Minh City Ring Road 3 Construction Investment Project; Member of the expert advisory group for the working group to develop the Ho Chi Minh City Urban Railway System development project; Member of the Advisory Council of Ho Chi Minh City Ring Road 4 Construction Investment Project of Binh Duong province; in charge of Science and Technology - Southern Office of Vietnam General Construction Association; and member of the Advisory Council on foreign affairs and overseas Vietnamese, Central Committee of the Vietnam Fatherland Front.
Regarding business results, in the first quarter of 2024, Construction Corporation No. 1 recorded revenue of 1,395.2 billion VND, an increase of 155.6% over the same period, pre-tax profit recorded a profit of VND11.29 billion, up 1.4% over the same period last year.
N.Nga
Source: VITIC/Tinnhanhchungkhoan