Heavy fines imposed on PVT Logistics for altering capital usage plan without shareholder approval. Illustration.
The State Securities Commission of Vietnam (SSC) has recently issued an administrative sanction decision regarding violations in the securities and stock market field against Phuong Dong Viet Transport and Logistics Joint Stock Company (PVT Logistics, PDV ticker symbol).
Consequently, PDV was fined VND 300 million for altering the capital usage plan and the amount of money raised from the public offering of securities without obtaining shareholder approval. Specifically, the company increased the capital raised from the public offering from VND 311,099,860,000 to VND 430,873,310,000 without prior authorization from the General Meeting of Shareholders.
As a remedial measure, PDV is required to obtain shareholder approval at the nearest General Meeting regarding the change in purpose or plan for utilizing the proceeds from the public offering of securities, as stipulated in point b, clause 8, Article 10 of Decree No. 156/2020/ND-CP. The company has already reported the change in capital usage plan at the 2024 Annual General Meeting of Shareholders and received approval through Resolution No. 01/NQ-PĐV-ĐHĐCĐ dated April 24, 2024.
For the first quarter of 2024, PDV recorded a 75% year-on-year increase in net revenue to VND 317.5 billion, while net profit after tax rose by 7% to VND 26 billion.
Looking ahead to 2024, PDV aims to achieve a 12.1% growth in revenue to VND 1,250 billion, with pre-tax profit remaining stable at VND 80 billion. A 10% cash dividend is anticipated.
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