The Transport and Industry Development Investment Joint Stock Company (Tracodi) decided at an extraordinary general meeting on June 28 to add advertising services to its scope of business activities.

Vinataxi Company, a joint venture between Tracodi (30 per cent ownership) and Singapore’s ComfortDelgro, plans to offer advertising on its cabs.

Nguyen Ho Nam, deputy chairman and general director of Tracodi, said Vinataxi has over 500 vehicles.

For many auto companies, advertisements on vehicles bring 10-15 per cent of their total revenues, and Tracodi would also like to take advantage of this and expects to earn 5-10 per cent of its revenues from this, he added.

At the extraordinary general meeting, it was also agreed to elect Lin Kuo Wei, a Taiwanese director of DWS Star Bridge Limited Liability Company, as a new member of the board of directors for 2013-18.

Shareholders then approved a plan to issue a maximum of VND1 trillion or US$50 million worth of convertible bonds for a tenor of three to five years with a maximum coupon of 5 per cent if the bonds are designated in dollars and 12 per cent if in dong.

The money will be used to execute projects, as working capital or refinance loans for the company’s projects.

After three years the bonds can be converted at not less than VND15,000 per share.

Replying to a question from shareholders about the company’s ability to achieve its business targets this year, Nam said the targets are likely to be exceeded. — VNS