Enterprises continue to request to postpone dividend payments due to cash flow difficulties and slow debt collection... For example, Binh Duong ACC Investment and Construction Joint Stock Company (stock code ACC) has just announced a resolution and minutes of voting to collect shareholders' opinions in writing. Accordingly, shareholders have approved the postponement of dividend payments for 2022. Accordingly, the company said that in 2023, the construction projects under implementation have not been completed and accepted as planned, leading to delays in debt collection.
Therefore, in order to prioritize cash flow to serve the production and business plan for the fourth quarter of 2023 and the first quarter of 2024, the company has approved the postponement of the 2022 dividend payment as approved by the 2023 General Meeting of Shareholders. Previously, the company planned to pay the 2022 dividend at a rate of 8% of charter capital, equivalent to a total payment to shareholders of nearly VND 84 billion. In total, in the first 9 months of 2023, ACC achieved revenue of VND 408 billion, down 10.4% year-on-year, and profit after tax of VND 42.74 billion, down 23% year-on-year.
Notably, Licogi Quang Ngai Joint Stock Company (stock code LQN) also announced to postpone the payment of the second cash dividend of 2015 to September 30, 2025, instead of the payment date of September 29, 2023 as previously announced. This means that LQN has postponed the dividend payment for another 2 years and this is the 6th extension of the company, corresponding to nearly 10 years before shareholders can receive the 2015 dividend. According to the announcement, the company said it has tried to work with partners to have money, but due to the prolonged difficult situation, the expected receivables from partners are not as expected, and it needs more time to balance the cash source.
This company has been continuously losing money recently. By the end of 2022, Licogi Quang Ngai's accumulated loss was more than 29 billion VND, causing negative equity of more than 7 billion VND.
Similarly, Song Da Industrial Park and Development Investment Joint Stock Company (stock code SJS) announced to postpone the payment of cash dividends for the years 2016 - 2017 from the end of June 2023 to the end of 2024 due to the financial situation being difficult and the company has not yet arranged the source of money. Up to now, this company has requested to defer the 2016 dividend payment 7 times and according to the new deadline, it will be nearly 10 years before shareholders can receive the money.
Another company, Thuan An Coffee Joint Stock Company (stock code TAN), has just announced that it will postpone the 2022 cash dividend payment date from October 13, 2023 to March 28, 2024, which is more than 5 months later. Thuan An Coffee said that based on the balance of financial resources, the company cannot meet the payment deadline, so it would like to extend the dividend payment time for shareholders.
According to the plan, TAN will pay a 2022 dividend at a rate of 12.8% in cash, equivalent to VND1,280/share. It is estimated that the company will spend more than VND2 billion to complete this payment. This is also the first time this company has paid dividends to shareholders since trading on the UPCoM exchange in 2019.
Not only asking to postpone the dividend payment, there are also cases asking to stop the payment. Binh Dinh Food Joint Stock Company (stock code BLT) has just announced the content of collecting shareholders' opinions on stopping the payment of the remaining dividend of 2022. Previously, the company had provisionally paid a dividend at a rate of 30% in cash, equivalent to the amount paid of 12 billion VND. According to the plan, the company still needs to pay 140.5% cash dividend, equivalent to 14,050 VND/share with a total amount to be paid of about 56 billion VND. However, the company said that the financial situation is very difficult, there is no capital to pay the remaining dividend. With the main business being agricultural products, the company needs to reserve 3,000 tons of rice and needs to mobilize capital for basic construction investment activities...
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