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PXT SUCCESSFULLY HOLD ANNUAL GENERAL ASSEMBLY MEETING OF SHAREHOLDERS 2017

In the morning of 27/04/2017, at the Grand Hotel of Vung Tau City, Petroleum Pipelines & Tank Construction Joint Stock Company (PVC-PT), Securities code PXT solemnly held Annual General Assembly Meeting of Shareholders 2017.

Attending the Congress, on behalf of the Parent Company – PetroVietnam Construction Joint Stock Company (PVC) was Mr. Bui Ngoc Thang – Chairman of the Board of Directors. Representatives of Leaders of units PVC-MS, PVC-IC, PVC-Binh Son, credit institutions, partners and customers of PVC-PT. On the side of PVC-PT, were Mr. Tran Quang Ngoc – Chairman of the Board of Directors, Mr. Vu Chi Cuong – Member of the Board of Directors – Director of the Company and especially were 91 shareholders representing 14,335,388 shares accounting for 71.68% of the charter capital came to attend the General Meeting.

The Congress heard the following Reports and statements:

  1. Report of operation of the Board of Directors in 2016 and operation plan in 2017 (presented by Mr. Tran Quang Ngoc – Chairman of the Board of Directors).
  2. Report of business and production results in 2016 and business and production plan in 2017 (presented by Mr. Vu Chi Cuong – Member of the Board of Directors, Director).
  3. Report of operation of the Board of Supervisors in 2016 and operation plan in 2017 (presented by Mr. Bui Thuc Quy – Head of the Board of Supervisors).
  4. Report of the situation of remuneration payment to the Board of Directors and the Board of Supervisors in 2016 and payment plan in 2017 (presented by Mr. Pham Van Lan – Member of the Board of Directors).
  5. Submission of approval of changing and electing additional members of the Board of Directors/members of the Board of Supervisors (presented by Mr. Pham Van Lan – Member of the Board of Directors)
  6. Submission of approval of audited Financial Statements in 2016 (presented by Mr. Vu Minh Cong – Chief Accountant).
  7. Submission of approval of profit distribution program in 2016 and profit distribution plan in 2017 (presented by Mr. Vu Minh Cong – Chief Accountant).
  8. Submission of selection of audit unit in 2017 (Presented by Mr. Vu Minh Cong – Chief Accountant).

Mr. Tran Quang Ngoc – Chairman of the Board of Directors of PVC-PT presents operation report of the Board of Directors in 2016 and operation plan in 2017

In 2016, due to there is a sharp reduction in prices of crude oil, not only large projects but also small projects of PetroVietnam Group have been suspended or postponed in schedule, therefore, PVC-PT meets many difficulties and challenges, however, with the deep direction of the Board of Directors, the determination of the Board of Managers and the efforts of all staffs of the Company, the results of business and production in 2016 of PVC-PT are expressed through the figures as follows: Specifically, the value of output realized in 2016 is 525.33 billion VND, reaching 76.1% of the plan of 2016, reaching 104.8% compared with the same period in 2015; Turnover realized in 2016 is 447.04 billion VND, reaching 74.5% of the plan of 2016, reaching 142.1% compared with the same period in 2015; Profit realized in 2016 is 30.92 billion VND, reaching 154.6% of the plan of 2016, reaching 91.8% compared with the same period in 2015; Investment realized in 2016 is 11.32 billion VND, reaching 49.8% of the plan of 2016; Paying to the State budget realized in 2016 is 52.8 billion VND, reaching 176% of the plan of 2016, reaching 284.6% compared with the same period in 2015; The average salary realized in 2016 is 8.44 million VND/person/month, reaching 101% of the plan of 2016, reaching 98.7% compared with the same period in 2015.

Mr. Vu Chi Cuong – Member of the Board of Directors, Director of PVC-PT presents report of business and production results in 2016 and business and production plan in 2017

The General Assembly Meeting of Shareholders also agreed to approve the business and production plan in 2017 with the target of output value reaches: 432 billion VND, turnover: 430 billion VND, profit before tax: 20 billion VND.

Speaking at the Congress, representative of the Parent Company, Mr. Bui Ngoc Thang – Chairman of PetroVietnam Construction Joint Stock Company congratulated the results of production and business in 2016 of PVC-PT, especially the year of 2016 is the second consecutive year that PVC-PT has made a profit, at the same time expecting PVC-PT will continue to achieve better results in 2017. Mr. Bui Ngoc Thang affirms in the development strategy of PVC in the period of 2015-2020 PVC-PT is still the core unit of PVC, PVC will continue to support of affairs for PVC-PT, affairs which PVC-PT can do, PVC will not deliver to other units, besides, he also paid attention to some risks that PVC-PT should focus on remedies specifically such as: work of capital arrangement, speeding up the work of restructuring, controlling costs and especially promoting the work of marketing the bids and searching sources of affairs inside and outside the oil and gas industry.

Mr. Bui Ngoc Thang – Chairman of the Board of Directors of PVC Corporation

speaking to direct at the Congress

At the General Assembly Meeting of Shareholders, the Company also presented to the Congress to dismiss two members of the Board of Directors, namely Mr. Nguyen Minh Chau and Mr. Nguyen Anh Tuan; 02 members of the Board of Supervisors are Mr. Nguyen Duc Dat and Mr. Tran Trung Kien; To elect two additional member of the Board of Directors and two members of the Board of Supervisors as follows:

  • Mr. Vu Chi Cuong – Member of the Board of Directors, Director of PVC-PT
  • Mr. Pham Quoc Trung – Member of the Board of Directors;
  • Mr. Nguyen Mau Tho – Member of the Board of Supervisors;
  • Ms. Hoang Phuong Ngoc – Member of the Board of Supervisors.

Leaders of the Corporation take photo as a souvenir with the members of

the Board of Directors and the Board of Supervisors

The Congress ended successfully with suggestions and votes of the shareholders on all agenda contents being discussed with a 100% unanimous vote, as well as speaking of direction of the Leaders of the Corporation for the sustainable development of PVC-PT in the coming years. Enhancing prestige, affirming the brand name in the field of specialized “Oil and Gas Construction” inside and outside the region.

Leader of PVC-PT together with representatives of guests from PVC Corporation and member units

Some pictures at the Congress:

Welcome guests, shareholders to attend the Congress

Performance of welcome

Shareholders participating in the vote

PVC-PT