On June 18, 2021, Kosy Joint Stock Company, stock code: KOS (a member of Kosy Group) held the Annual General Meeting of Shareholders and approved a number of resolutions and action plans in the fiscal year 2021.

The Chairman of the Annual General Meeting of Shareholders 2021 Kosy Joint Stock Company.

Revenue in 2020 increased by 27.4%, charter capital in 2021 increased to more than 2,150 billion VND

Kosy Joint Stock Company is one of more than 20 members of Kosy Group, the investor of many real estate projects in the provinces. During the complicated development of the epidemic, the 2021 Annual General Meeting of Shareholders (GMS) of Kosy Joint Stock Company was organized in a streamlined manner, ensuring the distance in accordance with the epidemic prevention standards of the Ministry of Health.

At the AGM, the Board of Directors of Kosy Joint Stock Company reported that the unit’s net revenue in 2020 reached 1,355 billion, an increase of more than 27.4% compared to 2019; pre-tax profit of enterprises increased by 30% from 25.8 billion in 2019 to 33.7 billion in 2020. The meeting also recognized a new target for business growth of Kosy Joint Stock Company in 2021, with total expected revenue of over 1,900 billion and pre-tax profit of 60 billion.

Shareholders and the Chairman of the General Meeting also approved important resolutions and reports such as: Profit distribution plan in 2020 and business plan in 2021; unify regulations on internal corporate governance and operation of the Board of Directors; Approving for existing shareholders to receive the transfer of voting shares leading to reaching the levels prescribed by law without having to go through the public bid procedure…

In particular, the General Meeting unanimously approved the report on the private placement of shares to increase charter capital in 2021 from more than 1,650 billion (market capitalization value of 4,500 billion dong) to more than 2,150 billion dong. This is an important decision to ensure capital to deploy potential real estate projects such as Kosy Hanoi Urban Area, Kosy Ha Tinh Urban Area, Kosy Riverside Lao Cai Urban Area and other projects in many provinces and cities in the coming year.

In 2021, Kosy Joint Stock Company will start construction of 4 key projects: Kosy City Beat Thai Nguyen project has a scale of 19.9 ha, total investment of over 600 billion VND; Kosy Ha Nam project with a scale of 22.9 ha, total investment of over 500 billion VND; Kosy Ninh Binh project with an area of 40.7 hectares, total investment of 1,100 billion VND; Kosy Riverside project (Lao Cai) with a total investment of 1,000 billion VND. It is expected that in 2022 and the following years, Kosy Joint Stock Company will continue to start many large projects throughout the country, expanding the land fund according to the general development strategy of Kosy Group.

The meeting discussed several important issues:

The current situation of the Covid-19 epidemic is still very complicated in the country and in the world, continuing to have a negative impact on the economy. Forecast about the situation of the real estate market in the coming time as well as the development policies of Kosy Joint Stock Company?

Mr. Nguyen Viet Cuong – Chairman of the Board of Directors of Kosy JSC, Chairman of the General Meeting: Up to now, the number of people infected with Covid-19 in the world and in Vietnam continues to increase sharply. However, beyond the forecasts of economists and investors, the real estate market still showed good growth with the average real estate price rate increasing by 14%, the supply was scarce while the demand of the market is still very large.

It can be seen that, due to the impact of the epidemic on economic sectors, low bank interest rates, causing people and investors to withdraw money to invest in real estate – a safe and sustainable channel. At the same time, people’s mentality when staying at home a lot during the time of social distancing has prompted them to have a need to change to a larger and more spacious new house. In addition, due to policy changes, the number of newly granted projects is very small compared to before, the approved project fund is increasingly narrow. Those factors have made even though the epidemic lasts, the real estate market still grows and has good liquidity.

With the Government’s efforts and the community’s cooperation, it is expected that by mid or late 2022, people’s lives will return to normal. However, it will take 2 years for the economy to fully recover to the level it was before the Covid pandemic, during this time, real estate is still on the rise and in the next 4 years, the real estate market will continue to grow strongly. That is Kosy’s “golden opportunity” when continuously “launching” large-scale and quality real estate projects during this time.

According to forecasts of Vietnamese and world demographic experts, it is estimated that around 2065, the world’s population will peak at nearly 10 billion people, while Vietnam will reach about 120 million people, and after that, the population of the world and Vietnam will gradually decrease, the population of our country will be about 60 million people by 2080. Thus, the real estate market will have about 40 years of development to meet the increase in population. Accordingly, Kosy Joint Stock Company will focus on developing potential project funds and each year will start 5-6 large-scale real estate projects in provinces and cities, to realize a flexible strategy with the market.

Mr. Nguyen Viet Cuong – Chairman of the Board of Directors of Kosy Joint Stock Company shared about the business’s goals and strategy in 2021.

It is known that Kosy Joint Stock Company has implemented many real estate projects but the business results have not been as expected. Explain this and business plan in the future?

Mr. Nguyen Viet Cuong – Chairman of the Board of Directors of Kosy Joint Stock Company, Chairman of the General Meeting: The recent business results of Kosy Joint Stock Company have not been as expected because the projects that we have implemented are not really large in scale, many projects have not been fully recorded in revenue. From 2021, Kosy company will deploy many projects with larger scale and higher efficiency in provinces and cities. We are confident that in the next few years, profits from these real estate projects will amount to thousands of billions of dong.

What are the goals and development strategies of the business in the future?

Mr. Nguyen Viet Cuong – Chairman of the Board of Directors of Kosy Joint Stock Company, Chairman of the meeting: In the short term, Kosy Joint Stock Company focuses on developing commercial real estate projects in the mid-range segment, with low-rise housing products in the central locations of the provinces. In 2021, the total investment of a number of real estate projects of Kosy Joint Stock Company is VND 4,500 billion, expected to increase to over VND 10,000 billion by 2022 with projects up to hundreds of hectares.

In the long term, besides developing commercial projects, Kosy will expand into industrial real estate and offices for lease in big cities. This is a development strategy to catch up with the needs of the market and the general development trend of the economy. Kosy Joint Stock Company aims to become a reputable professional real estate company in Vietnam.

Ms. Nguyen Thi Hang – Vice Chairman of the Board of Directors of Kosy Joint Stock Company reported on behalf of the Board of Directors activities in 2020 and plans for 2021.

In 2021, Kosy Group started consecutively many projects in the fields of real estate and renewable energy. Particularly, Kosy Joint Stock Company started 4 real estate projects: Kosy City Beat Thai Nguyen Urban Area, Kosy Riverside Lao Cai Urban Area, Kosy Ha Nam Urban Area, Kosy Ninh Binh Urban Area. What is the plan to implement these projects and what solutions does the company have in construction and business organization during the Covid pandemic?

Mr. Do Quoc Viet – Member of the Board of Directors of Kosy Joint Stock Company, member of the Board of Directors: Currently, the project Kosy City Beat Thai Nguyen has been started construction by us. The remaining three projects are all in the process of site clearance, after completion will be started according to the plan: Kosy Ha Nam urban area project will start in July 2021, Kosy Ninh Binh urban area will start in September 2021 and Kosy Riveside Lao Cai urban area will start in October 2021. The Covid epidemic has lasted for more than 1 year now, Kosy company has experience in construction work in the middle of the epidemic season and has limited solutions for projects to be deployed normally, according to the set schedule. . Covid-19 will continue, with accumulated experience, we will implement 3 projects well in the near future. However, the time to organize the business of these projects will depend on the epidemic situation in the country and the locality where the project is implemented. Kosy will choose the right time for the business to be highly effective.

Kosy Joint Stock Company is focusing on developing many new real estate projects, large potential project funds. Share about this issue and the project implementation plan?

Mr. Nguyen Duc Diep – Deputy General Director of Kosy JSC: In the development strategy, Kosy Group pays special attention to project development and considers this an important task of the Group in general and Kosy Joint Stock Company in particular. During the past time, Kosy Joint Stock Company has been promoting the development of many real estate projects in the North, Central and South. In 2021, Kosy Group started many real estate projects, Kosy Joint Stock Company alone started 4 projects. The projects have full legality and promise to bring high efficiency. In 2022, Kosy Group will start 8-10 projects, in which, Kosy Joint Stock Company will deploy 3-4 real estate projects. We have prepared the land bank to 2025, with orientation to 2030 to best meet the needs of the market. The projects we aim to have a beautiful location, many commercial advantages, and a much larger scale than the deployed projects. We focus on fully completing the project legal procedures, beautiful and modern design, construction on schedule, technical and artistic assurance, meeting the needs of customers well.

Shareholders unanimously approved the important contents of the General Meeting.

How does the Covid-19 situation, which has lasted from last year to this year, affect the overall operation of Kosy’s enterprises and employees?

Ms. Nguyen Thi Hang – Vice Chairman of the Board of Directors of Kosy Joint Stock Company, member of the Board of Directors: Although the economy is generally affected by the epidemic situation, in the past time, Kosy Joint Stock Company has still ensured a stable level of revenue and profit, accordingly, business activities are still carried out according to the planned schedule. Kosy employees do not have to reduce wages, reduce working hours and still work fully at the office, ensuring epidemic prevention requirements. Kosy Company continues to recruit and appoint many key positions and competent and experienced personnel in the field of real estate to meet the development of current and upcoming real estate projects. We always accompany and support employees and their families to safely overcome the pandemic, strengthen cohesion, create synergy, and meet the strong development of enterprises.

Holding model of Kosy Group

After 13 years of establishment, Kosy Group has now grown to become a leading corporation in the field of real estate and renewable energy in Vietnam. Kosy Group has more than 20 dependent member units, in which, Kosy Joint Stock Company is an important member of the Group, specializing in the field of Real Estate. In addition, member units of Kosy Group have been the investors of many real estate, hydropower, wind power, solar power projects … with total investment of thousands of billions of dong.

From the current two key fields of real estate and renewable energy, Kosy Group aspires to become a multi-industry corporation with the Holding model.

Accordingly, the Group currently has 3 business groups:

(1) The group of Kosy Joint Stock Company and enterprises operating in the field of real estate commencing a number of real estate projects each year;

(2) The group of hydropower enterprises includes a number of companies that by 2025, have about 200-300MW of hydropower generated and connected to the national power grid;

(3) The group of wind and solar power enterprises includes a number of companies that by 2025, there are about 300MW of electricity generated and connected to the national power grid;

By 2025, Kosy Group will have 500 MW of hydropower, wind power, and solar power to generate electricity, connect to the national grid, and after 2025, will focus on implementing many larger-scale projects.

Kosy Group’s target revenue will be 12,000 billion dong by 2023, and 20,000 billion dong by 2025. Kosy Group strives to become one of large non-state enterprises in Vietnam, creating many jobs, fulfilling community responsibilities, and contributing to the country’s socio-economic development.