Dong Nai Water Supply Joint Stock Company (Dowaco, stock code: DNW) has recently announced the minutes of a written shareholder vote (deadline September 15th) on two proposals: adjusting the 2025 business plan and approving remuneration for the Board of Directors and the Supervisory Board.
The results show that both proposals were rejected, with a 64% disapproval rate. While the minutes do not specify the reasons for the rejection, the voting list reveals that major shareholder Sonadezi (stock code: SNZ) opposed the proposals.
The 32% approval rate is attributed to the group associated with Mr. Nguyen Van Thien, a Dowaco Board member holding 1% of shares, along with Biwase (BWE) holding 18.83% and Thu Dau Mot Water (TDM Water) holding 12.06%. Mr. Thien is also the Chairman of Biwase, and TDM Water is a strategic investor in the company.
Dowaco proposed reducing its 2025 net revenue target to 1.162 trillion VND (a 2% decrease). This includes a 3% reduction in water revenue to 1.092 trillion VND (94% of total revenue) and a 20% decrease in construction revenue to 19.9 billion VND. Conversely, financial revenue is projected to increase by 60% to 40 billion VND.
Despite lower revenue projections, the company aims to increase after-tax profit by 12% to 302 billion VND, while cutting its capital investment plan by 37% to 295 billion VND.
In the first half of 2025, Dowaco recorded nearly 656 billion VND in revenue, a 1% increase year-on-year and the highest semi-annual figure to date. However, total expenses rose by 11%, with financial costs surging by 272% due to foreign exchange losses.
Consolidated after-tax profit declined by 40% to 122 billion VND, the lowest semi-annual profit in six years.
Compared to the adjusted plan, the company has achieved 56% of its revenue target and 40% of its profit target. Against the current plan, these figures stand at 55% for revenue and 45% for profit.
In addition to the business plan, the proposal regarding remuneration for the leadership team was also rejected.
The original proposal outlined the following monthly salaries: 142 million VND for the Chairman of the Board, 97 million VND for the Head of the Supervisory Board, and 85.8 million VND for each Board and Supervisory Board member. Additionally, the Chairman’s allowance was set at 21.12 million VND per month, with other members receiving 17.16 million VND each.
The voting results indicate that Sonadezi voted against the proposal, while the group associated with Mr. Nguyen Van Thien did not express an opinion.
Sonadezi Opposes Dowaco’s Two Critical Proposals
With nearly 64% of votes cast in opposition, the proposal to adjust the 2025 plan and the remuneration scheme for the Board of Directors and Supervisory Board of Dong Nai Water Supply Joint Stock Company (Dowaco, UPCoM: DNW) has been rejected. While the meeting minutes did not specify the reasons, the shareholder structure suggests that major shareholder Sonadezi was likely the opposing party.
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