Biwase Shareholders' Meeting: Arrange three branches into three new companies in 2024
On the morning of March 25, Joint Stock Company - Binh Duong Water - Environment Corporation (Biwase, code BWE - HoSE exchange) held the 3 Annual General Meeting of Shareholders.
In addition to the Report of the Board of Directors and the General Director on business results in 2023 and business orientation in 2024, at the Congress, Biwase also passed many other notable presentations.
First, Biwase has approved a plan to pay dividends in 2023 at a rate of 14% in shares, implemented in the second quarter to the third quarter of 2024, and the 2024 dividend is expected to be at a rate of 13% in cash.
Thus, if the stock dividend payment is completed, Biwase's charter capital is expected to increase to 2.199,3 billion VND.
Second, Biwase also approved the arrangement and conversion to terminate the operation of a branch to establish a new company under Biwase.
In particular, ending Chon Thanh water supply branch to establish Biwase Binh Phuoc Water Company Limited; Terminating the Urban Services branch to establish Biwase Production - Trading - Services Company Limited; and terminated the Waste Treatment branch to establish Biwase Joint Science - Technology - Environment Company Limited.
In addition, the termination of operations of 3 branches and the establishment of 3 new companies are expected to be completed in 2024.
Investors refer to Biwase's General Meeting of Shareholders documents. Photo by Le Toan |
Third, Biwase has also approved the regulations for organizing the General Meeting of Shareholders online and combining it directly with online.
The adoption of the new regulations for organizing the General Meeting of Shareholders helps the Company complete the legal basis to be able to organize the General Meeting in person and online.
Fourth, also at the Congress, Biwase approved a list of three auditing units including Deloitte Vietnam Co., Ltd., A&C Auditing and Consulting Co., Ltd. and AASC Auditing Firm Co., Ltd. that will be selected for audit. Financial report for 2024.
Depending on the actual conditions and situation, in fiscal year 2024, Biwase will choose one of the three above-mentioned audit units to audit the 2024 Financial Statements.
Shareholders ask questions at the Biwase General Meeting of Shareholders. Photo by Le Toan |
Talking at the 2024 Annual General Meeting of Shareholders, Chairman Nguyen Van Thien answered all shareholders' questions at the General Meeting.
Regarding the issue of capital mobilization and investment, the Board of Management is also having a headache to resolve the investment plan. In 2024, the Company is looking for M&A opportunities but has not found them yet, and is likely to only invest in one or two investments. In addition, investing in the construction of a new factory is likely to be feasible with a total estimated investment capital of about 2 billion VND, investment allocation over 3.000 years, this year only disbursed about 3 billion VND for Nhi Thanh project. , small investments only disburse about 500 billion VND/investment project...
Chairman Nguyen Van Thien answers all shareholders' questions at the 2024 Annual General Meeting of Shareholders. Photo Le Toan |
To ensure the investment plan, Chairman Nguyen Van Thien also shared that currently the Company is being offered by many units to participate in buying bonds issued by the Company with a term of 10 years, interest rate of 8%/year. year. In particular, the Company is balancing and considering reasonable costs.
“The company aims to balance its capital structure, putting financial safety requirements first. Of which, investment needs this year are about 600-700 billion VND, current remaining working capital is about 500 billion VND, bank lending limits are still available and can be used, and financial institutions "Large companies are looking forward to supporting capital for the Company", Mr. Nguyen Van Thien emphasized that the goal of financial safety is top priority despite promoting investment.
It is known that according to the investment plan for 2024, the Company plans to invest in expanding Chon Thanh water plant, increasing capacity by about 30.000 m3/day and night; Expanding the water supply network in Bau Bang, Phu Giao, Dau Tieng, Tan Uyen, Chon Thanh - Binh Phuoc areas; Investing in improving facilities, increasing the capacity of Nhi Thanh water plant by 60.000 m3/day and night; Invest in an incinerator with a capacity of 500 tons/day combined with 12MW electricity generation; Accelerate the progress of compensation, support, and site clearance of about 400 hectares to serve the construction of the solid waste treatment complex in Tan Long commune, Phu Giao district, Binh Duong province.
Regarding the fact that Binh Duong province has just announced the provincial planning for the period 2021-2030, with a vision to 2050, Mr. Nguyen Van Thien said: "From very early on, the leaders of Binh Duong province had a liberal and unique vision. , having an overview, has planned Binh Duong province better than many localities across the country when investing in infrastructure is relatively developed and synchronous compared to other localities. In particular, Binh Duong mainly invests in its own infrastructure, rarely uses the budget, the state announced good compensation prices, the compensation price is even higher than the market price.
“With potential and industrial development, Biwase will benefit from planning and development from water supply and waste treatment. In particular, the Company hopes that other provinces such as Long An and Quang Binh will receive a part like Binh Duong, this is an opportunity for Biwase to develop", Mr. Nguyen Van Thien emphasized that the Company benefits from synchronous development planning. of Binh Duong province.
In addition, in the discussion of the Congress, Chairman Nguyen Van Thien also shared that the Company has converted the accounting method from VAS to IFRS, prepared for publication, and also prepared a bilingual report. .
"Entering 2025, Biwase will definitely fully disclose according to the new IFRS accounting standards," Mr. Nguyen Van Thien further emphasized.
And finally, regarding the results of restructuring the units in which the Company has invested, Mr. Nguyen Van Thien further shared: "After purchasing companies that encountered difficulties, initially all units purchased were profitable. In particular, for unaudited companies, the Company can plan to increase ownership or look for more potential shareholders to participate in the structure.
Shareholders approved the entire proposal for Biwase's 2024 General Meeting of Shareholders. Photo by Le Toan |
At the end of the Congress, the entire proposal was approved.