TASECO LAND 2022 ANNUAL GENERAL MEETING: APPROVED THE PLAN TO INCREASE THE CHARTER CAPITAL TO VND 2,700 BILLION

On June 23, 2022, at Pan Pacific Hotel Hanoi, Taseco Land Investment Joint Stock Company (Taseco Land) successfully held the 2022 Annual General Meeting to report business results in 2021, discuss and vote on important contents of the business plan in 2022.

The General Meeting has approved 03 reports and 06 files, affirming the Company's strong determination to achieve all the goals for the transition to a new growth phase, along with its outstanding effort in recent years and the establishment of a strong foundation for future development.

The business results in 2021

In 2021, Taseco Land achieved nearly VND 750 billion in consolidated revenue, an increase of 72% compared to 2020, accomplishing 106% of the original plan. The profit after tax reached VND 132 billion, an increase of 6.4% compared to 2020, attaining 116% of the initial plan. As of December 31, 2021, Taseco Land's total assets reached VND 6,505 billion, an increase of 56% compared to the end of 2020. Equity increased by 38% to reach VND 2.840 billion.

Mr. Nguyen Tran Tung – a member of the Board of Directors, the General Director of Taseco Land - confidently announced that the company maintained safe and healthy financial ratios, with a system-wide year-end cash balance of about VND 271 billion and a debt on equity ratio at 40%. Moreover, the sales of the two projects À La Carte Ha Long Bay and Luong Son Riverview Hoa Binh were prioritized by the Company as a source of capital stabilizer. Taseco Land accelerated the speed of completing À La Carte Ha Long Bay and determined to put the project into operation by the end of 2022. Compensation work, site clearance and infrastructure development of projects owned by the Company in other provinces (such as Thanh Hoa, Hoa Binh,...) is progressing smoothly and as planned.

A La Carte Ha Long Bay luxury hotel project in Quang Ninh

Orientation and targets in 2022

2022 is the year for Taseco Land to enter a period of strong growth. With experience and resources accumulated during nearly 14 years of operation, Taseco Land confidently sets targets in 2022 for the consolidated revenue to hit VND 3,600 billion, the consolidated profit after tax to reach over VND 804 billion, a drastic increase compared to 2021, and the expected dividend to rise from 15% to 20%. The company will prioritize researching on new projects, bringing the total number to 40 projects spreading across 10 provinces with a total land fund of more than 2,000 hectares to grow the land fund in subsequent years.

To preserve the capital for project implementation, the General Meeting has also approved the plan to increase the charter capital to VND 2,700 billion in quarters III of 2022 in the form of share issuance, which will be used to pay dividends in 2021 and offered to existing shareholders.

The Board of Executives regulating Taseco Land's Annual General Meeting 2022

In answering questions from shareholders, the Company's leaders shared that to adapt to the strong development in the new period, the Company will reorganize the structure and concurrently adopt digital transformation while developing a flexible risk management strategy. Beside urban real estate development, the Company also focuses on finding opportunities and promoting the development of real estate for services such as hotel, golf course, industrial and ancillary infrastructures to generate stable annual revenue and cash flow. It is expected that in the coming years, Taseco Land will participate in bidding and auction of various large projects in different localities. In order to prepare for such expectation, Taseco Land has planned to recover the capital from projects invested in previous years and to list the Company's shares on Ho Chi Minh City stock exchange (HOSE) in 2023.

At the meeting, shareholders highly valued the potential of the real estate projects and the strategic orientation of the Company while expressing their confidence in the Board of Directors, the Board of Supervisors to successfully implement the 2022 plan. 

Taseco Land - a member unit of Taseco Group - is known as a reputable and transparent contributor in developing and investing in real estate in Vietnam. For nearly 14 years, Taseco Land has researched a wide range of products including luxury apartments, townhouses, villas, resort villas, and hotel apartments under the brand A La Carte.

Taseco Land is currently owning and researching on more than 40 projects across many cities and provinces with a total land fund of over 2,000 hectares, which focus on urban real estate, urban tourism real estate in key destinations, while further focusing on real estate for services such as industrial parks, golf courses.