Sao Ta Foods Joint Stock Company announces the Resolution of Extraordinary General Meeting 2020 dated October 18, 2020 with the following contents:
1.The EGM approved the investment plan to build new plant:
- Project name: Sao Ta Seafood Plant
- Address: lot K, An Nghiep Industrial zone, Soc Trang Province
- Capacity: 15,000 tons/year
- Total construction investment cost: expected from VND 200 billion to VND 250 billion
- Time to carry out the project procedure: after being approved by the General Meeting of Shareholders.
- Construction time: 2021
- The EGM approved the plan to issue shares to existing shareholders and the plan for capital use after the issuance:
- Stock name: Sao Ta Foods Joint Stock Company
- Stock code: FMC
- Stock type: common share
- Par value: VND 10,000/share
- Offering volume (estimated): 9,808,800 shares
- Exercise ratio: 5:1 (01 share will receive 01 right, and with every 05 rights will be entitled to purchase 01 new share).
- Plan to deal with fractional shares: The distributed shares will be rounded down, the fractional shares and unsold shares (if any) will be decided by the BOD.
- The rights should be transferred only once
- Offering price: no less than the book value at June 30, 2020.
- Expected offering time: 2020 or 2021 after being approved by the State Securities Commission of Vietnam (SSC).
- The EGM approved the plan for use of capital: Total proceeds from the offering will be used to finance the project of Sao Ta Seafood Plant.