Dong A Steel Joint Stock Company (GDA on UPCoM) has released the agenda for its upcoming 2025 Annual General Meeting of Shareholders, scheduled for June 12, 2025.
Notably, the Board of Directors proposes to transfer the listing of GDA shares from UPCoM to HoSE. Initially, the company aimed to list on HoSE during its IPO in 2021-2022, but due to a net loss in 2022, they had to withdraw the application and list on UPCoM in September 2023.
Now, the company is restarting its plans to list on HoSE, with no time limit on the proposal between shareholder meetings.
Another key item on the agenda is a change in the dividend payment plan. The Board proposes to increase the dividend payout ratio for 2024 to a maximum of 40%, including a 10% cash dividend to be paid on June 12, 2025, with a record date of May 13, 2025, and a 30% stock dividend, resulting in an increase in charter capital from VND 1,146.9 billion to VND 1,490.9 billion. The stock dividend is expected to be issued in 2025-2026.
Source: GDA
For 2025, the company proposes a dividend payout of up to 20% of par value in the form of stocks and/or cash, to be paid out in 2026-2027.
In addition to dividend payouts, the company plans to issue ESOP shares up to 3% of the total outstanding shares at the time of implementation, with a minimum issue price of par value and a two-year lock-up period. They also intend to issue shares to existing shareholders at a ratio of 3:1, with a minimum issue price of par value and a six-month lock-up period, to raise working capital and fund business operations.
Dong A Steel also plans to raise VND 500 billion through private or public offerings of convertible or non-convertible bonds, with details to be determined by the Board of Directors.
The Board will also report to shareholders on the issuance of unsecured convertible bonds worth nearly VND 56 billion to Posco Vietnam Co., Ltd., with a conversion price of VND 21,900 per share and a two-year lock-up period for the converted shares.
The company’s business plan for the year includes a revenue target of VND 18,000 billion and a net profit of VND 300 billion, with a dividend payout of 20%.
In the first quarter of 2025, GDA reported a decrease in revenue of VND 122 billion compared to the same period last year, totaling nearly VND 3,977 billion. However, the gross profit margin decreased from 8.45% to 7%, resulting in a 34% decline in net profit for the quarter.
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