The 2016 extraordinary general meeting of Thanh Vu Tay Ninh Joint Stock Company (TVTN) took place at the Company’s office in the afternoon of July 26th, 2016.
The Meeting has passed important provisions such as: new Regulations of the Company; business plan for 2016 and 2017; agreeing upon 20% capital increase and authorizing the Board of Directors with time of issue, to partner at a price not lower than 20,000 VND per share and approve an investment policy of owning 99% Dak Lak plant.
In particular, the Meeting has approved capital increase to invest in sweet potato starch processing plant in Vinh Long with capacity of more than 100 tons of finished goods per day, total investment of 105 billion VND as well as the merger of Dak Lak plant for TVTN, scheduled for completion in 2016.
The Meeting has also approved the election of additional members for the Board of Directors (BOD), and Board of Supervisors (BOS) during the 2016-2020 tenure. BCG participates in the Board of Directors with three members including Mr. Nguyen The Tai; Ms. Le Thi Mai Loan; Mr. Vu Tran Vinh Thuy, and participates in the Board of Supervisors with two members including Mr. Nguyen Viet Cuong; Ms. Huynh Thi Kim Tuyen, in which Mr. Tai serves as Vice Chairman of BOD, and Mr. Cuong serves as Head of BOS. BCG’s participation in TVTN’s BOD and BOS is included in the comprehensive strategic cooperation agreement signed in 2015. BCG will assist TVTN with M&A implementation, company restructuring, business activities restructuring in order to help TVTN become the industry leader in the field of starch production. After completing the planned process of restructuring, TVTN will also be listed on the Stock Exchange in 2017, expectedly.
TVTN’s Board of Directors and Board of Supervisors for the 2016-2020 tenure
The expected production and business plans of TVTN and the Dak Lak plant for the last six months of 2016 and 2017 are as follows:
| Order |
Target |
Last six months of 2016 (VND) |
2017 (VND) |
| 1 |
Total revenue |
433.000.000.000 |
987.000.000.000 |
| 2 |
Gross profit |
42.800.000.000 |
132.500.000.000 |
| 3 |
After-tax profit |
11.300.000.000 |
58.900.000.000 |
Background on Thanh Vu Tay Ninh Joint Stock Company (TVTN)
Established in 2009, TVTN is one of the leading companies in cassava starch, cassava slide and other agricultural products manufacturer and trader of starch processing machinery. Currently, TVTN is the only company in Vietnam manufacturing cassava starch for export to Japanese market – one of the most challenging markets in the world. Total production capacity of TVTN is 50,000 tons per year with maximum capacity up to 180,000 tons per year; production capacity of modified starch is 30,000 tons per year with annual revenue of USD 15 – 25 million.
Especially, TVTN also possesses wastewater biogas treatment system with CDM (Clean Development Mechanism) standard meeting high environmental standard requirement. The system processes the wastewater during the whole manufacturing process, creating energy for production and providing Certified Emission Reductions (CERs) by capturing C02 emission.
For more information about TVTN, please visit: http://tvstarch.com.vn/