VC1: Board resolution

VC1: Board resolution

Construction JSC No.1 (HNX: VC1) announces the Board Resolution approved on 20/09/2011 as follows:

Approving the proposal of adjustment of 2011 operation plan:

1. Requirement of adjusting 2011 operation plan:

Economic difficulties in the first 8 months of 2011: inflation continuously increased, price of essential goods like electricity, coal, petrol,… increased, which made prices of goods increase, especially in construction sector like construction steel, cement, brick, …. Moreover, the Government issued policy to dominate the inflation through monetary tightening policy, credit control… These elements caused many difficulties to enterprises including Construction JSC No 1 in operating administration especially in finance and marketing. Through 8 months in operation, targets of plan achieved with low results. The main reasons are that some constructions were not operated according to plan because of difficulties from investors: Hai Duong Children's Hospital construction, Dabaco Bac Ninh Trade Center Building construction; construction which must be temporarily suspended because of prices increased that was not assured for business efficiency is Viecombank Bac Ninh’s headquarters; On the other hand, the marketing for new works got low results and practically in the remaining months, the marketing for new works will definitely be very difficult

2. Proposal of adjustment of 2011 operation plan:

Favourable conditions: Construction JSC No 1 is investing and constructing project of Construction JSC No 1 Office and superior houses in Trung Hoa ward, Cau Giay district, Hanoi city. This is the condition that in the last months, the Company will push the construction to speed, increase the production to achieve the production target in the 2011 plan:

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