Sao Mai Conscorp Holds Annual General Meeting

On April 29, 2009, Sao Mai Investment and Construction Corporation (Sao Mai Conscorp) held its 2008 annual general meeting. Attending shareholders approved business results in 2008, with return on equity of 42 per cent and dividend payout ratio of 30 per cent.

 

The meeting also ratified business operating plans for 2009, with return on equity of 70 per cent. Sao Mai Conscorp planned to make breakthroughs in real estate investment in Ho Chi Minh City and kick off construction on its second aquatic product processing plant in the Vam Cong Industrial Park (Lap Vo district, Dong Thap province).

 

In 2009, Sao Mai Conscorp will invest a large sum of money to develop its real estate projects, expand export markets to the US and Russia in addition to its traditional destinations of Europe, the Middle East and South America. When its second aquatic factory starts operations, the company’s processing capacity will be raised to 1,200 tonnes a day and it will create jobs for additional 6,000 people in the province and surrounding localities.

 

Also on April 29, Sao Mai Conscorp signed a strategic cooperation deal with Saigon Commercial Joint Stock Bank (SCB) - An Giang Branch. Accordingly, SCB will lend nearly VND1,000 billion to invest in key projects to boost production and export. At first, SCB will loan VND325 billion to IDI, an affiliate of Sao Mai Conscorp, to invest its key husbandry and aquatic processing.

 

Amidst global economic and financial crisis, performances of Sao Mai Conscorp in 2008 were a marvel.