Vosco plans extraordinary meeting to discuss fleet development

Vosco plans extraordinary meeting to discuss fleet development

Vosco plans to hold an extraordinary general meeting of shareholders in November 2024 shortly after key personnel changes.

Vietnam Maritime Transport Joint Stock Company (Vosco, code VOS, HoSE) announced that October 18, 2024 will be the last registration date to close the list of shareholders to organize the extraordinary General Meeting of Shareholders in 2024. The ex-rights trading date is October 17, 2024. The meeting is expected to be held in November 2024.

The content of the meeting approved at this extraordinary General Meeting of Shareholders is about the fleet development plan.

Recently, Vosco has had a series of high-level personnel changes. Accordingly, the Board of Directors dismissed Mr. Cao Minh Tuan from the position of General Director to retire under the state regime from August 1, 2024. Mr. Nguyen Quang Minh was also dismissed from the position of Chairman of the Board of Directors to take over the position of General Director.

On the contrary, Mr. Hoang Long - member of Vosco Board of Directors was elected as Chairman of the Board of Directors to replace Mr. Nguyen Quang Minh.

Mr. Nguyen Quang Minh was born in 1973 and has nearly 30 years of working experience at Vosco. From 2011 to 2021, Mr. Minh held the position of Deputy General Director of Vosco and was a member of the Board of Directors of this company from 2012 to 2018. Mr. Nguyen Quang Minh was elected Chairman of the Board of Directors of Vosco in March 2024.

Meanwhile, the new Chairman of the Board of Directors , Mr. Hoang Long, was appointed to the Board of Directors at the 2024 Annual General Meeting of Shareholders. Mr. Long represents 10% of the capital of Vietnam National Shipping Lines ( VIMC , code MVN, UPCoM floor) at Vosco.

Regarding business performance, the company recorded VND2,969 billion in net revenue after 6 months, up 90% over the same period last year. However, the cost of goods sold also increased dramatically from VND1,428 billion to VND2,888 billion, making the gross profit only VND80 billion, while in the same period it was VND133 billion.

The company recorded other profits of up to 394 billion VND (same period only 85 billion VND). Deducting taxes and fees, the company's net profit was more than 358 billion VND, 4.9 times higher than the same period last year.

As of June 30, 2024, Vosco's total assets reached more than VND 3,247 billion, including short-term assets of VND 2,355 billion, the remaining VND 892 billion are long-term assets. The company's liabilities are VND 1,235 billion, of which short-term debt is VND 716 billion and long-term debt accounts for VND 519 billion. In 2024, Vosco plans total revenue of VND 2,440 billion, down 28.2% over the same period, pre-tax profit is expected to be VND 323 billion, up 61.5% compared to the implementation in 2023.

According to the plan, the company plans to invest in developing a 38,000 dwt bulk carrier, a 64,000 dwt bulk carrier and a 50,000 dwt oil tanker if the market is favorable and the ship price is reasonable for exploitation. In addition, the company will continue to monitor market developments to search for and rent more ships for exploitation. Currently, Vosco is bareboat chartering 2 50,000 dwt product oil tankers, 2 13,000 dwt oil/chemical tankers and a number of dry cargo ships.

Regarding the liquidation plan, Vosco will sell the Dai Minh product oil tanker, with a capacity of 47,148 dwt, built in 2004 (over 20 years old). In addition, the parent company Vietnam National Shipping Lines also assigned Vosco to consider liquidating the Vosco Star and 2 container ships. Currently, VOS shares are trading at around VND16,300/share, up 43% compared to the end of last year but down 25% compared to the peak in July 2024.

Source: https://baodautu.vn/vosco-len-ke-hoach-hop-bat-thuong-ban-viec-phat-trien-doi-tau-d225912.html