On the afternoon of April 25, Saigon – Hanoi Commercial Joint Stock Bank (SHB) held its 2024 annual General Meeting of Shareholders (AGM). According to the minutes of the ballot, as of 2:10 PM on April 25, the 2024 AGM of SHB was attended by 1,361 shareholders, representing more than 2.4 billion shares, equivalent to nearly 67% of the total number of shares entitled to vote. The General Meeting is eligible to proceed.
All shareholders attending the 2024 AGM were given cash envelopes by SHB worth VND 200,000 per shareholder. With 1,361 shareholders present, it is estimated that SHB has spent more than VND 272 million on “gifts” for shareholders.
SHB presents VND 200,000 to each shareholder attending the General Meeting.
In 2024, SHB sets a pre-tax profit target of VND 11,286 billion, an increase of 22% compared to the realization in 2023. Total assets are expected to reach VND 701,000 billion, charter capital of VND 40,658 billion, an increase of nearly 12%; and strictly controlling the bad debt ratio below 3%. The bank also plans to pay a dividend of 18% in 2024.
Previously, on April 19, Military Commercial Joint Stock Bank (MCK: MBB – HoSE) also distributed VND 500,000 in cash to each shareholder attending the 2024 Annual General Meeting of Shareholders. This is the second consecutive year that MB has maintained this tradition, thereby attracting a large number of shareholders to attend.
MB has for the second consecutive year offered a gift of VND 500,000 per shareholder attending the General Meeting
In 2024, MB expects to submit a modest pre-tax profit growth target of 6% to 8%, from VND 27,884 billion to VND 28,411 billion. In terms of total assets, the bank sets a growth target of 13%, reaching nearly VND 1,068 trillion by the end of 2024, becoming the next bank to surpass the VND 1 quadrillion mark after the Big4 group. Credit is forecasted to grow by 15% to 16% in 2024, depending on the limit set by the State Bank of Vietnam (SBV).
In addition to banks, a number of other businesses are also offering cash incentives to attract shareholders to attend their general meetings.
Ahead of the 2024 Annual General Meeting of Shareholders, Construction Investment and Development Joint Stock Corporation (MCK: DIG, HoSE) unexpectedly announced a gift program for shareholders attending the general meeting.
The subjects of the gift are all shareholders whose names are on the list of shareholders eligible to participate in the 2024 Annual General Meeting of Shareholders as of March 20, 2024. The gift program will take place from April 22 until the 2024 Annual General Meeting of Shareholders ends (April 26).
Specifically, shareholders holding 1 million shares or more will receive VND 10 million per shareholder. For small shareholders holding less than 1 million shares, the amount received will correspond to the number of shares multiplied by VND 10 per share. For example, shareholder A exercises the right to attend and vote for 130,000 shares, the value of the gift will be 130,000 x VND 10, or VND 1.3 million.
Shareholders attending the General Meeting in person will receive the gift in the form of a wire transfer corresponding to the number of shares attending the meeting on the date of the General Meeting, April 26, 2024.
For those attending online, shareholders need to log into the General Meeting attendance link, confirm attendance and vote on all submitted contents, and finally enter information into the online support chat box with the syntax: “Account Holder Name_Bank Account Number_Bank Name”.
After confirming that the shareholder has completed the above steps, DIG will send the gift to the shareholder via the message received in the system. Note that the Company only transfers to the shareholder’s own bank account.
In case of proxy attendance, shareholders must send the original and valid proxy to the Company before April 26, 2024, and send a message with the gift receiving information using the syntax: “Account Holder Name_ID Card/CCCD Number_Bank Account Number_Bank Name”.
DIG launched the shareholder gift program after the Company failed to hold its 2023 Annual General Meeting of Shareholders in its first attempt due to an attendance rate of only 36.91%.
Another case is HCM City Infrastructure Investment Joint Stock Company (MCK: CII), which recently held an unsuccessful annual General Meeting of Shareholders on April 24. The reason was that the attendance rate was only 36.77% at the opening time.
Regarding the fact that CII has repeatedly failed to hold its AGM meetings right from the first time, CII’s General Director Le Quoc Binh said that it is very difficult to overcome this situation because the time from when the list of shareholders is closed to when the meeting takes place is quite long, many investors own CII shares on the closing date but sell them afterwards, resulting in the level of interest in the meeting day also decreasing.
Mr. Binh shared that he has an idea to hold a lucky draw on the day of the General Meeting with a large prize value, which could be up to VND 300-500 million to attract shareholders to attend. He said he would submit this plan to the Board of Directors and only implement it if approved.
In 2024, CII sets a plan for total revenue of VND 4,194 billion, a decrease of 11.3% compared to the same period and profit after tax of the parent company’s shareholders (net profit) is expected to reach VND 430 billion, an increase of 9.7% compared to the realization last year.
