Recently, International Dairy Joint Stock Company Lof (Stock Code: IDP, HoSE) announced the Board of Directors’ Resolution approving the business plan, capital borrowing, and asset collateralization at the bank.
Accordingly, International Dairy Lof has approved the 2025 business plan, previously endorsed by the General Meeting of Shareholders. Specifically, the company anticipates net revenue ranging from VND 8,400 billion to VND 8,800 billion, with post-tax profit estimated between VND 360 billion and VND 440 billion.
Additionally, International Dairy Lof has approved a credit limit of VND 700 billion for borrowing, guarantee issuance, and letter of credit issuance at the Ben Nghe Branch of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV).
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Simultaneously, the company has also approved a credit limit of VND 800 billion for borrowing, guarantee issuance, and letter of credit issuance at the Ho Chi Minh City Branch of the Joint Stock Commercial Bank for Industry and Trade of Vietnam (VietinBank).
The purpose of these loans is to supplement working capital, issue letters of credit, and provide guarantees to support the production and business activities of registered products for the 2025-2026 period, including milk and dairy products, non-alcoholic beverages, sausages, rice cakes, and more.
In a separate development, the Inspectorate of the State Securities Commission (SSC) recently issued Decision No. 307/QD-XPHC on administrative penalties for violations in the securities and stock market against International Dairy Lof.
Accordingly, International Dairy Lof was fined VND 77.5 million for failing to report information as required by law. Specifically, according to Official Letter No. 1888/VSDC-DK.NV dated February 21, 2024, from the Vietnam Securities Depository, the company had 62 shareholders as of February 19, 2024. Under Article 38 of the Securities Law No. 54/2019/QH14, the company was obligated to submit a notification to the SSC within 15 days from the date its shareholder structure no longer met the conditions specified in point a, clause 1, Article 32 of the Securities Law No. 54/2019/QH14. However, the company failed to submit the required notification.
Furthermore, IDP was fined VND 85 million for failing to disclose its separate and consolidated financial statements for Q2/2023 and for untimely disclosure of its separate financial statements for Q3/2023, the 2023 Annual Report, and the explanation for the 10% or more change in post-tax profit in the audited consolidated financial statements for 2023 compared to 2022, as required by point a, clause 4, Article 42 of Decree No. 156/2020/ND-CP.
An additional fine of VND 22.5 million was imposed for failing to separately itemize the remuneration of each Board of Directors member, the salary of the CEO, and other managers in the company’s annual financial report and the report to the Annual General Meeting of Shareholders.
According to Note 28 in the audited separate and consolidated financial statements for 2023, the company disclosed that the income of the Board of Directors, the Supervisory Board, and the Executive Board for the year was VND 15,395,057,861. However, the company did not disclose the remuneration of each Board of Directors member or the salary of the CEO. Additionally, the company failed to report the remuneration of each Board of Directors member and the salary of the CEO at the 2024 Annual General Meeting of Shareholders, as required by clause 2, Article 15 of Decree No. 156/2020/ND-CP, amended by clause 13, Article 1 of Decree No. 128/2021/ND-CP.
In total, International Dairy Lof was fined VND 185 million.
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