VNStockNews.com - The shareholders of Sao Mai Investment and Construction Joint Stock Co (coded ASM) have denied the proposal of raising the chartered capital from 99.12 billion dong to 250 billion dong under the method of collecting shareholders' opinions.
Only 66.49 percent of shareholders agreed to increase chartered capital, lower than the targeted ratio of 75 percent as required, the company decided to deny the proposed method of hiking chartered capital.
Previously, the management board sought shareholders' opinions for issuing additional 15,087,400 shares in Q3 instead of issuing 5,387,400 shares in the proposal that had been approved in 2010 annual shareholders meeting.
In details, the company would issue 4,956,300 shares for existing shareholders under ratio of 2:1 at offered price of 10,000 dong per share.
The other 495,630 shares would be issued for current staff at 10,000 don per share, instead of 198,252 units as before. At the same time, the company would cancel the share-issuance of 232,848 shares for members of management board. Instead of that, ASM will offer 9,635,470 shares for other partners at offered price of no less than 26,000 dong per share.
Under the proposal, the company expected to gain at least 305 billion dong from this share-issuing method to invest 150 billion dong in Binh Khanh 5 residential quarter and to supplement the working capital of 155.04 billion dong.
The shareholders also disapproved the 2010 adjusted business plan with expected net revenue of 650 billion dong, profit after tax of 100 billion dong and dividend of 30 percent over the new chartered capital of 250 billion dong.
