Wednesday, April 8 2020

VietNamNews

Pandemic causes companies to delay annual general meetings

Update: March, 18/2020 - 15:01

 

A beer production line at Sabeco. Sabeco on Tuesday announced it would delay its AGM due to concerns about the complex evolution of the COVID-19 pandemic. — Photo sggp.org.vn

HÀ NỘI — The outbreak of COVID-19 has caused a number of large enterprises to postpone their arrangements for the annual general meeting of shareholders (AGMs) in 2020.

Companies have to rethink their arrangements for AGMs in light of potential bans on large gatherings, travel restrictions and the risk that venues selected for the meetings may cease to be available due to unexpected closures.

The Sài Gòn Alcohol, Beer and Beverages Corporation (Sabeco) on Tuesday announced it would delay its AGM due to concerns about the complex evolution of the COVID-19 pandemic.

Postponement time is neither after June 30, 2020 nor later than the latest date allowed by the law, Sabeco said.

Under the Enterprise Law, the AGMs must be held within four months starting from the end of the financial year.

Previously, Mobile World Investment Corporation (MWG) also announced its extension of the arrangement for the AGM, instead of the initially scheduled time of March 27.

According to MWG, due to the complicated development of COVID-19, foreign shareholders may face difficulties moving to and from Việt Nam.

The delay of AGMs ensures equitable and fair treatment to domestic and foreign shareholders, helps limiting the risk of infection and ensuring the health of the community, MWG said.

Vinhomes Joint Stock Company, a member of property developer Vingroup, and FPT Digital Retail JSC have also issued announcements regarding the postponement of their AGMs due to the COVID-19 pandemic. — VNS

 

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