Previously, DIG notified its shareholders of a gift-giving program for their participation in the annual meeting. However, as of 3:15 PM, the attendance rate had not yet reached the required quorum to hold the meeting. According to the schedule, the DIG annual meeting was set to begin at 1:30 PM.
At 4:32 PM, the organizing committee announced that the meeting had achieved the necessary quorum, with a combined in-person and online attendance of 50.24% of the total voting shares.
 The 2024 annual general meeting of DIG was held in Vung Tau on April 26. Photo: Thu Minh
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Pre-tax profit plan of over a thousand billion VND
Since the COVID-19 pandemic, DIG has set very high business plans but the implementation results have been very low. In 2024, the company continues to set more modest revenue and profit targets compared to the plans of previous years, but it is still several times higher than the results achieved in 2023.
Specifically, DIG has set a consolidated revenue and other income target of VND 2,300 billion, a 72% increase over the previous year; consolidated pre-tax profit of VND 1,010 billion, six times the 2023 achievement. Dividends from 8% to 15% and charter capital of VND 10,000 billion.
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Results of DIG‘s revenue plan in recent years
Compiled by the author
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Results of DIG‘s pre-tax profit plan in recent years
Compiled by the author
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In 2024, DIG will focus on completing the necessary procedures for investing in the Long Tan – Dong Nai tourism urban area project; obtaining approval for the adjustment of the Chi Linh central area investment plan; completing the adjustment of the Bac Vung Tau new urban area and the Dai Phuoc ecological tourism urban area; adjusting the investment plan for the Hiep Phuoc residential area; completing the adjustment of the 1/500 scale detailed plan for the Nam Vinh Yen new urban area project; and completing the legal procedures for the Lam Ha Center Point housing project. The total investment plan for 2024 is over VND 7.2 trillion, including VND 6.4 trillion for project investment and VND 811 billion for financial investment.
General Director Nguyen Quang Tin said that the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV, HOSE: BID) has committed to supporting DIG in the development of all projects during the 2024-2028 period.
The Bac Vung Tau new urban area and the Long Tan tourism urban area have encountered difficulties in land acquisition and clearance. Mr. Tin informed that the Long Tan project has secured funding for implementation, including capital from bond and stock issuance in the near future. In addition, a bank in the big4 group has also committed to support this project.
Issuance of 410 million shares
At the meeting, DIG presented a plan to issue 410 million shares to increase its capital to over VND 10.2 trillion, including the offering of 200 million shares to existing shareholders, 150 million shares through private placement, 30 million ESOP shares, over 15.2 million shares to pay dividends for 2023, and over 15.2 million shares to increase share capital from equity.
Of which, 200 million shares will be offered to existing shareholders at a price of VND 15,000 per share (equivalent to 32.794% of outstanding shares) in 2024. The shares will be subject to a one-year transfer restriction. The proceeds are expected to reach a maximum of VND 3,000 billion, which will be used to repay VND 900 billion of bonds, add capital to the Cap Saint Jacques project with VND 1,135 billion, and invest in the Vi Thanh residential area with VND 965 billion.
150 million shares of private placement are expected to be issued at a price not lower than VND 20,000 per share and will also be subject to a one-year transfer restriction. The proceeds are expected to reach VND 3,000 billion, of which VND 1,000 billion will be used to add capital to the Lam Ha Center Point housing project in Ha Nam province, and VND 2,000 billion to the Nam Vinh Yen new urban area in Vinh Phuc province. The issuance is expected to be implemented in 2024-2025.
30 million ESOP shares will also be issued at a price of VND 15,000 per share in 2024 and will be subject to a one-year transfer restriction. The proceeds are expected to reach VND 450 billion, which will be used to supplement DIG‘s working capital.
Approximately 15.2 million shares for dividend payment and 15.2 shares as bonus will also be issued in 2024. The source of capital for the issuance will be from retained earnings after tax, capital surplus, and development investment fund as of December 31, 2023.
To be continued…
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