The first 2024 Annual General Meeting of Shareholders (AGM) of LDG failed due to the lack of the required quorum of shareholders. Screenshot
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In 2024, LDG aims for net revenue and after-tax profit of VND 167 billion and VND 2.5 billion, respectively. In 2023, LDG recorded a net revenue loss of nearly VND 37 billion due to returned sold goods and an after-tax loss of over VND 527 billion.
The Board of Directors (BOD) of LDG believes that 2024 will remain challenging for the real estate industry. However, there are new opportunities amidst these difficulties, thanks to positive signals such as: the National Assembly passing the Land Law, Housing Law, and Real Estate Business Law to remove obstacles for project investors; the State Bank of Vietnam reducing lending interest rates and expecting further reductions in the near future.
This year, in addition to continuing to sell transferred products and completing legal procedures for projects, the BOD of LDG said it would seek investment partners to restructure cash flow, improve the financial situation, and enhance the debt repayment capacity of the company. The company also aims to develop land funds and feasible projects.
Regarding the Viva Park project (formerly Tan Thinh residential area), LDG‘s plan for 2024 is to complete legal procedures for continued construction and business operations at the project.
In order to optimize resources, the BOD of LDG proposes that the AGM authorizes the BOD to grant loans and guarantees to subsidiaries with each loan or guarantee amount not exceeding 20% of total assets.
Also at the upcoming meeting, the BOD of LDG will submit a proposal to dismiss former Chairman Nguyen Khanh Hung from the BOD due to his ineligibility as a BOD member according to the company’s charter.
With Mr. Hung’s dismissal, the number of BOD members will be reduced to 3/4, one member short of the charter requirement. Therefore, LDG will conduct an election to fill this position. According to the meeting documents updated on April 23, the only candidate at present is Mr. Tran Cong Luan – the company’s incumbent General Director.
