At the shareholders' meeting of PAN Group Corporation (PAN) held on the afternoon of April 25, a shareholder "blamed" PAN's leaders for discriminating against small shareholders by not "distributing" 100kg of rice to shareholders owning less than 25,000 shares.
Mr. Nguyen Duy Hung, Chairman of the Board of Directors of PAN, explained that PAN needs to have a "limit" to facilitate the calculation of benefits for shareholders. Mr. Hung hopes that shareholders will consider this not a dividend but just a part of the cost for marketing during the shareholder meeting season.
At the congress, Ms. Nguyen Thi Tra My, General Director of PAN, said that in 2022, despite economic difficulties, PAN achieved impressive business results with record growth in revenue and profit. Specifically, the company's consolidated net revenue reached VND 13,655 billion, an increase of 47% compared to 2021; consolidated profit after tax reached VND 794 billion, an increase of 55% compared to 2021. PAN decided not to pay dividends in 2022 but to retain them for company operations.
PAN leaders discuss at the General Meeting of Shareholders
Growth in 2022 is mainly contributed by the consolidation of all business results of the disinfection and agricultural chemicals segment of Vietnam Disinfection Joint Stock Company. In the remaining business segments, PAN still maintains and achieves strong growth.
Regarding the revenue structure in 2022, the seafood sector contributes 6,300 billion VND (46%), the agriculture sector contributes 4,900 billion VND (36%), and food contributes 2,400 billion (18%). Regarding the profit structure after tax: seafood contributes 42%, agriculture 53%, and food 18%.
The impressive M&A activity in 2022 is that PAN has completed the ownership of 98.31% of the charter capital of Bibica Joint Stock Company (Bibica - stock code BBC) through the successful purchase of 7.342 million BBC shares of Bibica at the offering price of VND 71,000/share, with an investment of VND 524,158 billion. The total investment value in Bibica is more than VND 1,226 billion.
At the same time, through its member company Sao Ta Food Joint Stock Company (Sao Ta - stock code FMC), PAN has owned 200 hectares of coastal farming area, owning 100% of capital shares at Vinh Thuan Company Limited with a total investment of more than 200 billion VND. The acquisition of Vinh Thuan helps Sao Ta promote its strengths in shrimp farming, increase quality, traceability, thereby increasing profit margins.
Assessing the economic difficulties, in 2023, PAN has set a cautious plan, with revenue of VND 15,156 billion, consolidated profit of VND 991 billion, consolidated profit after tax of VND 840 billion, and dividend of 5%. In particular, PAN plans to increase charter capital from VND 2,163 billion to nearly VND 4,522 billion (220%) in 3 forms: issuing additional equity capital from equity capital at a ratio of 5:2; offering to existing shareholders at a ratio of 2:1 (offering price of VND 15,000/share); offering individual shares. The mobilized capital is expected to be used for expanding M&A investment activities and supporting business capital and loan restructuring.
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