In the morning of June, 19th, 2021 Saigon Posts & Telecommunications Service Joint Stock Corporation (SPT) organized successfully annually general meeting of shareholders in 2021 in on line form.

Overview of General meeting of shareholders of Saigon Posts & Telecommunications Service Joint Stock Corporation (SPT)

In 2020, business operation of SPT company mainly concentrated on maintaining post services, fundamental telecommunication; completing Core network to prepare for implementing digital content service, transforming service structure from fundamental group to digital content service, promoting the application of digital technology on the development of new service and completing ecosystem service in wifi platform.

Due to many objective and subjective reasons, business result in 2020 of SPT basically reached VND 547 billion (reaching 78% of the set out plan) and profit before taxes reached VND 1 billion.

At the meeting, Ms. Nguyen Cam Phuong - Chairman of the Board of Directors presented a report to shareholders on business plan in 2021, which emphasized the extremely important reformation strategy to abridge the system to overcome the pandemic and be ready to restart strongly after COID-19. Accordingly, the company set a target of VND 700 billion (up to 30% compared to the previous year) and profit before taxes reaches VND 30 billion.

SPT shall strongly focus on activities á follows: Abridging personnel apparatus; restructuring the company in direction of establishing subsidiaries for potential service segments; technology application in investment and development of new services and products such as digital service development, digital economic infrastructure, digital society in orientation of the Government, Ministry of Information and Communications in accordance with the development of 4.0 industry.

SPT also said that financial resource preparation is an important task that needs careful preparation. Accordingly, charter capital of STP is expected to increase up to VND 600 billion (six hundred billion dong) through the issuance of an additional 600 million shares. The proceeds will be used to supplement working capital and business operating capital to implement the set out business plan.

After presentation, shareholders of SPT approved all 10 voting contents, in which the proposal to increase charter capital was approved with 77% rate. Therefore, restructuring plan of the company shell be implemented and it is expected to complete in 2023 as the company has to prepare dossiers of establishment license and other necessary licenses.

The meeting finished in earnest and complying this COVID-19 prevention and control regulations of the government with a spirit of high determination to overcome the pandemic and look forward to the development after the pandemic controlled.