On May 24, 2024, the 2024 Annual General Meeting of Shareholders (AGM) of Chemical Industry Engineering Joint Stock Company (CECO) took place at the company's headquarters. The meeting was attended by members of the Board of Directors, Supervisory Board, General Director, and shareholders according to the finalized shareholder list as of May 10, 2024.
The General Meeting heard, deliberated, and voted to approve important agenda items, including: Report on 2023 production and business results and the 2024 operational plan; Audited separate financial statements for 2023; Profit distribution plan for 2023 and profit targets for 2024; Proposal for selecting an independent audit firm for the 2024 financial statements, and other matters within its authority.
Overview of the Annual General Meeting of Shareholders
In 2024, the Company's business operations encountered significant headwinds, with pending EPC contract backlogs remaining unresolved. The NPK Project has yet to complete final contract settlement. These obstacles led to underperformance against the AGM targets, and earnings were insufficient for dividend distribution.
Shareholders discussing meeting agenda items
The Meeting also heard remarks from Mr. Nguyen Thuy Nguyen (Member of the Board of Directors, representing the controlling shareholder group) clarifying the company's financial status, future challenges as the NPK project enters final accounts settlement, governance reforms, debt recovery measures from the Ca Mau NPK Project, and resolution of other legacy EPC contracts with outstanding receivables. Mr. Vu Minh Ngoc, representing major shareholder Vietnam National Chemical Group (Vinachem), shared insights on overall business operations across Group affiliates.
Mr. Nguyen Thuy Nguyen - Member of the Board of Directors addresses the meeting
The General Meeting voted to approve the Meeting Resolution covering all items submitted by the Board of Directors with a high approval rate.
The 2024 Annual General Meeting of Shareholders of Chemical Industry Engineering Joint Stock Company was successfully concluded with great unity and consensus./.
CECO Information Management Department
