With the approved plan, AAA will pay the remaining 5% of 2019’s remaining cash dividend of VND 105.6 billion, equivalent to an increase of VND 20 billion compared to the initial plan. In addition, the company also issued 10.56 million shares to pay dividends instead of 8.56 million shares as originally expected.
On August 28, 2020, An Phat Bioplastics Joint Stock Company (Ticker Symbol: AAA) successfully held the Extraordinary General Shareholders’ Meeting approving adjustment on the 2019 net profit distribution plan.
According to the approved plan, AAA will keep the dividend payout ratio for 2019 at 15%, including a 10% cash dividend (5% advance) and a 5% stock dividend but there will be a change in issue value.
In detail, on July 16, 2020, AAA issued an additional 40 million shares to carry out warrants and bonds, increasing the number of shares and charter capital to 211.2 million shares, leading to the company’s 2019 dividend payment also increased accordingly.
With the approved plan, AAA will pay the remaining 5% of 2019’s remaining dividend in cash with the value of VND 105.6 billion, VND 20 billion higher than the original plan. In addition, the company also issued 10.56 million additional shares to pay dividends instead of 8.56 million shares as originally expected.
In addition to the above changes, other contents of the 2019 net profit distribution plan are unchanged from the plan approved by the 2020 Annual Shareholders’ Meeting.
In 2020, AAA sets a consolidated revenue target of VND 10,000 billion and profit after tax of VND 550 billion. The dividend payout ratio is expected to remain at 15%. This year, AAA sets a target for An Phat High-Tech Industrial Park (An Phat Complex) to achieve a 100% exploitation rate; the company also invested in a new industrial park in Hai Duong, An Binh Quoc Tuan Industrial Park, to become a growth driving force for the company in the coming years. It is expected that An Binh Quoc Tuan Industrial Park in phase 1 will exploit 180ha and complete by the end of 2020.
AAA will focus on its main business, which is packaging while it is projected to shift to compostable products and boost exports to the international market. The company also makes foreign investment through capital contribution to An Phat International INC in the United States to penetrate the North American market with compostable products.
