CIC Group will offer an additional 47.73 million shares

At the end of 2023, CIC Group recorded parent company revenue of VND 1,216.38 billion, completing 91.8% of the plan and down 7.02% over the same period; profit after tax reached VND 147.83 billion, reaching 84.3% of the plan and down 12.71% compared to 2022; paying the state budget VND 141.14 billion.
In 2024, CIC Group plans to have revenue of VND 1,220 billion, up 0.3% over the same period, with expected after-tax profit of VND 142 billion, equal to 96.1% compared to 2023; of which, real estate revenue accounts for about 95% of total revenue and the remaining 5% of total revenue from other sectors.

Regarding business orientation, CIC Group said it will focus on accelerating and completing legal procedures to soon deploy projects eligible for sale; coordinate with authorities to drastically clear land to deploy construction and sale of projects in 2024 to have products to prepare for the following years; continue to promote the social housing segment, housing for low-income people to create revenue and liquidity for businesses...

The congress approved the dismissal of members of the board of directors and the board of supervisors for the 2021-2026 term for Ms. Nguyen Thi Hoa Le, Mr. Ha Duy Nghiem, Mr. Nguyen Thanh Lam, Mr. Nguyen Duc Hung, Ms. Nguyen Bich Nghia; elected additional members of the board of directors for the 2021-2026 term for Mr. Dinh Thanh Tam, Mr. Nguyen Xuan Dung, Mr. Tran Van Vinh, Mr. Dinh Thanh Thao and a member of the board of supervisors for Mr. Vo Van Y.

Vice Chairman of the Board of Directors of CIC Group Quang Trong Sang presented gifts of gratitude to members who have ceased to participate in the Board of Directors and Supervisory Board of CIC Group for the 2021-2026 term.

Regarding the profit distribution plan, CIC Group approved the payment of 20% stock dividends in 2023 and the expected dividend in 2024 is from 8% to 10% in stock; in which, the dividend payment rate in 2023 is 20%, corresponding to the expected issuance of 19.05 million additional shares and is expected to be implemented after being approved by the State Securities Commission.
For the new capital mobilization plan, CIC Group approved the plan to offer shares to existing shareholders at a rate of 50%, corresponding to shareholders owning 2 shares will receive the right to buy 1 new share at a price of 10,500 VND/share.

Chairman of the Board of Directors of CIC Group Tran Tho Thang presented flowers to congratulate the newly elected members of the Board of Directors for the 2021-2026 term.

It is estimated that CIC Group will offer an additional 47.73 million shares to raise VND500.1 billion, the issuance time will be after being approved by the State Securities Commission. The amount of money raised by CIC Group is expected to be used to pay part of the bonds due before December 31, 2024; VND105.2 billion to pay off bank loans due from the fourth quarter of 2024 to the first quarter of 2025; the remaining VND44.9 billion to supplement working capital, the expected disbursement time is from the fourth quarter of 2024 to the first quarter of 2025.
“The consolidation of the board of directors and supervisory board, the expansion of foreign room to 49% and the plan to increase capital to VND2,000 billion are the basis and preparation steps for the company to exploit the available clean land fund of more than 160 hectares, while creating a premise for the next growth phase 2025-2030”, said Mr. Tran Tho Thang - Chairman of the Board of Directors of CIC Group.

News and photos: DANG LINH

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