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Image: LTG
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Lộc Trời’s 2024 Annual General Meeting is scheduled for the afternoon of June 26 in An Giang province, according to the list finalized on May 10, 2024. The Company initially planned to hold this meeting in late April but requested an extension until June 30 based on a proposal from a major shareholder, which was approved by the Board of Directors.
A new item in the updated meeting materials is a proposal to approve and include a discussion and resolution on “Deploying the listing of shares on the Ho Chi Minh City Stock Exchange (HOSE) in 2024″ in the agenda, based on a letter of recommendation dated April 8 from Marina Viet Pte. Ltd., the largest shareholder of LTG, holding 25.12% of the capital.
The Company’s Board of Directors will also present to the shareholders the deployment of procedures related to listing shares on HOSE in 2024.
In fact, the content of transferring LTG shares from UPCoM to HOSE was approved by the 2018 Annual General Meeting and was extended for implementation in the next two meetings in 2019 and 2020. At the 2022 Annual General Meeting, LTG shareholders continued to approve the extension of the transfer and expected to complete the HOSE listing by 2025 at the latest.
At the upcoming meeting, LTG shareholders will elect the Board of Directors for the 2024-2029 term, consisting of 5 members, including at least 1/3 independent members as required. LTG has not yet announced the list of candidates. The General Meeting will also re-elect the Supervisory Board for the new term.
Notably, Loc Troi proposed to adjust the 2023 dividend plan from cash to shares, while maintaining the ratio at 30%. After the issuance, the Company’s charter capital is expected to increase to 1,310 billion VND.
For the 2024 financial targets, the Company sets a target of 1,000 billion VND for earnings before interest, taxes, depreciation, and amortization (EBITDA). In the first quarter, Loc Troi recorded a net loss of nearly 97 billion VND, an increase from the 81 billion VND loss in the same period last year, mainly due to high input material costs, interest expenses, and foreign exchange risks.
Apology to Farmers for Owed Money for Purchased Rice
In addition to operating losses, Loc Troi has also been embroiled in controversies over owing hundreds of billions of dong in rice purchases to farmers in An Giang and other provinces in the Mekong Delta.
Explaining this incident, a representative of Loc Troi said that in the 2023-2024 winter-spring crop, the Company purchased rice from farmers in An Giang province with a total value of nearly 440 billion VND. As of May 9, Loc Troi has paid 280.4 billion VND to the farmers and still owes 159.4 billion VND.
On May 20, Loc Troi, in coordination with Tien Phong Commercial Joint Stock Bank (TPBank), completed the payment of debts for rice purchases in the 2023-2024 winter-spring crop and apologized to the farmers for this incident.
