Vinaconex Investment and Tourism Development Joint Stock Company (Vinaconex ITC, MCK: VCR, UPCoM floor) has announced the documents for the annual general meeting of shareholders (AGM) in 2024, scheduled to be held on April 4 in Hanoi.
The AGM is expected to approve the operating report of the management board on the business results of 2023 and the business plan of 2024, the resolution of the Board of Directors on the plan for distribution of post-tax profits of 2023, the resolution of the Board of Directors on approving the results of transactions in 2023 and approving the orientation of implementing transactions in 2024 between Vinaconex ITC and Vietnam Export and Import Corporation (Vinaconex, MCK: VCG) and/or its subsidiaries in the same Vinaconex group; the resolution on amending and supplementing the company’s charter…
Notably, the AGM will also approve the resolution of the Board of Directors on the approval of the Deployment and Business Plan of the Cai Gia Tourism Urban Area, Cat Ba in Cat Ba town and Tran Chau commune, Cat Hai district, Hai Phong City.
Rendering of the master plan of the Cat Ba Amatina project. Photo: VCR
In particular, Vinaconex ITC proposes to sell part of the Cai Gia tourism urban area project (trading name Cat Ba Amatina) on Cat Ba Island, Cat Hai district, Hai Phong City to other investors for continued investment, business sales or leasing, lease-purchase of houses, construction works, cooperation with third parties for sales deployment, … in accordance with the actual implementation of the project and the provisions of the law.
In addition, the company continues to work with credit institutions, investors with financial capacity to implement cooperation plans, capital mobilization activities, increase capital scale for the implementation of investment and business plans of the project in accordance with the reality and the provisions of the law.
According to the introduction on Vinaconex-ITC’s website, the Cat Ba Amatina project has an investment capital scale of VND 10,942 billion, with a total area of 172 hectares; planned to become a green, smart and high-grade resort tourism urban area, including: 1,300 detached, semi-detached and terraced villas; mixed-use high-rise buildings; serviced apartment buildings; high-class resort villas and a hotel area including: mini hotels, 5-star hotels, and luxury hotels; indoor and outdoor entertainment areas, shopping centers, cruise ship docks, and many other outstanding items.
Regarding this project, before that, Vinaconex-ITC had passed Resolution No. 08/2023/NQ-HĐQT on the termination and liquidation of the investment cooperation contract for CT02 Subzone and Infrastructure connecting CT02 Subzone of the Cat Gia Tourist Urban Area – Cat Ba (Cat Ba Amatina) in Cat Ba town and Tran Chau commune, Cat Hai district, Hai Phong City signed between Vinaconex-ITC and Vinaconex- the parent company holding 51% of the capital at VCR (according to VCR’s consolidated financial statements for Q4/2023).
According to the excerpt published by Vinaconex – ITC, the company regains all collateral assets for credit institutions arising from the contract agreement.
In addition, Vinaconex-ITC has the obligation to repay Vinaconex’s contribution capital of VND 2,200 billion received from Vinaconex within 90 days from September 30, 2023.
Shortly after VCR and VCG terminated their investment cooperation in the Cat Ba Amatina project, Vinaconex-ITC received a resignation letter from the positions of Chairman of the Board of Directors and member of the Board of Directors of Vinaconex ITC for the 2021 – 2026 term of Mr. Dao Ngoc Thanh- Chairman of VCG’s Board of Directors.
In his resignation letter, Mr. Thanh stated that due to personal business, to avoid affecting the company’s operations, Mr. Dao Ngoc Thanh resigned from these positions from January 23, 2024.
Regarding the business situation of Vinaconex ITC, in 2023, the company incurred a record after-tax loss of VND 286.73 billion.
With this loss, as of December 31, 2023, Vinaconex ITC’s accumulated loss has increased to VND 517.98 billion, accounting for 24.7% of the chartered capital.
