Biwase announces dividend plan and branch restructuring for 2024

Tuesday, Mar 26, 2024 15:32

Biwase Chairman Nguyễn Văn Thiền revealed that the company has transitioned from Vietnamese Accounting Standards (VAS) to International Financial Reporting Standards (IFRS) and is preparing to publish bilingual reports. — Photo Biwase

Bình Dương Water Environment JSC (Biwase), a prominent name in the water industry, has approved its dividend plan for the year 2023, which includes a 14 per cent stock dividend ratio.

The payment will be implemented from the second to the third quarter of 2024.

The company projects to pay a cash dividend for 2024, at a rate of 13 per cent.

This information was announced during the annual general shareholders' meeting on Monday.

If the stock dividend distribution is completed, Biwase's registered capital is expected to increase to VNĐ2.19 trillion (US$95.52 million).

Biwase has also approved the restructuring and conversion of its branches into new subsidiary companies under Biwase.

Specifically, the Chơn Thành water branch will be terminated to establish Biwase Bình Phước Water Company Limited, the urban services branch will be terminated to create Biwase Production-Trading-Service Company Limited and the waste treatment branch will be ended to form Biwase Integrated Science-Technology-Environment Company Limited.

The termination of the three branches and the establishment of the three new companies are scheduled to be completed within 2024.

During the shareholders' meeting, Biwase approved a list of three auditing firms, namely Deloitte Vietnam Co Ltd, A&C Audit and Consulting Co Ltd and AASC Audit Firm Co Ltd, to audit the financial statements for 2024.

Depending on the conditions and actual circumstances, Biwase will choose one of the three audit firms in the fiscal year 2024.

According to the investment plan, the company intends to expand the Chơn Thành water plant, increasing its capacity by approximately 30,000cu.m per day and night. Additionally, they plan to extend the water supply network to the areas of Bàu Bàng, Phú Giáo, Dầu Tiếng, Tân Uyên, and Chơn Thành - Bình Phước.

The company will also invest in improving infrastructure, expanding the capacity of the Nhị Thành water plant by an additional 60,000cu.m per day and night and expediting the compensation, support, and land clearance processes for approximately 400 hectares to facilitate the construction of the solid waste treatment complex in Tân Long Commune, Phú Giáo District, Bình Dương Province.

During the meeting, Chairman Nguyễn Văn Thiền shared that the company had transitioned from Vietnamese Accounting Standards (VAS) to International Financial Reporting Standards (IFRS) and was preparing to publish bilingual reports.

"By the time we enter 2025, Biwase will ensure full disclosure in accordance with the new accounting standard, IFRS," said Nguyễn Văn Thiền. — VNS

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