AsemconnectVietnam - On June 25, 2023, Gia Lai Electricity Joint Stock Company (GEG - stock code GEC) conducted the annual General Meeting of Shareholders (AGM) for fiscal year 2023 in Ho Chi Minh City, with pre-tax profit targets VND335 billion, 5% dividend The General Meeting of Shareholders voted on 4 reports and 7 proposals to approve 5 financial issues and 2 corporate governance issues.

GEC's General Meeting of Shareholders also approved a plan to pay dividends at a rate of 5% in shares, with implementation time in 2024. This is considered a reasonable dividend level in the current period of the industry and the economy, in accordance with the current situation. GEC's orientation to continue expanding research and development of various types of Renewable Energy until 2030.
The number of shares expected to be issued to pay dividends is 17,062,470 shares, calculated based on the number of outstanding common shares. After issuing shares to pay dividends, GEC's charter capital in 2024 is expected to reach VND4,225 billion.
In the context that the domestic and foreign macroeconomics in general and the energy industry in particular are facing many difficulties recently, Gia Lai Electricity Shareholders' Meeting also approved the 2024 consolidated total revenue plan of VND3,120 billion and profit before tax is VND335 billion.
According to GEG's Board of Directors, GEC's business plan is based on the assumption that price negotiations at transitional power plants will be completed in 2024, and the results of negotiations will be approved by state agencies and full legal basis for recording all revenue since operation (including the unrecorded revenue in 2023 of Tan Phu Dong Wind Power Plant 1 - 100MW).
The Congress also approved the payment of 6% dividend on convertible preferred shares to DEG. Continue to choose 1 of the 4 Big 4 Auditing companies to Audit the 2024 Financial Statements to ensure the standards of financial data.
The Congress approved a remuneration of VND50 million/month for the Chairman of the Board of Directors, VND30 million/month for Members of the Board of Directors and operating expenses of the Board of Directors.
In 2024, the Company plans to focus on optimizing the operation of power plants in its portfolio to ensure revenue plans; developing technical, experimental, and operational management services for external partners to diversify revenue sources. Continuing to research and develop various types of renewable energy in localities, phase in deployment as well as apply appropriate technology, ensuring investment efficiency.
Previously, on April 18, 2024, GEC marked an important milestone when it became the first corporate issuer in Vietnam to own a Green Finance Framework certified by Climate Bonds Initiative (CBI). This certification is granted after a rigorous and comprehensive validation process by FiinRatings.
GEC's Certified Green Finance Framework complies with the Climate Bond Standard, allowing the company to issue green bonds to finance Renewable Energy Projects. GEC's renewable energy projects contribute significantly to Vietnam's goals of developing renewable energy projects and reducing greenhouse gas emissions.
N.Nga
Source: VITIC/Tinnhanhchungkhoan