EDL-Gen holds annual shareholders' meeting today
Major electricity producer EDL-Gen will hold its annual shareholders' meeting in Vientiane today.
The one day meeting, which is scheduled to take place at Electricite du Laos (EDL) headquarters, will consider and adopt dividend payments from its business operating results for the first and second halves of 2012.
The company paid about 208 billion kip in dividend to shareholders for the first six months of 2012. The rate of the dividend before tax deduction was 170 kip per share. The company will pay about 343 billion kip as before tax deduction dividend, or 280 kip per share, to shareholders for the second half of the year.
The meeting will also approve EDL-Gen's purchase of 15 percent of ordinary shares in the Nam Ngum 5 Power Company from Electricite du Laos. The total investment cost in the new Nam Ngum 5 hydropower plant is about US$9.9 million.
Another issue to be considered and approved at the meeting is a 8.47 percent increase in the multiplier index of the basic salary earned by EDL-Gen employees for the 2013 fiscal year.
The meeting will also consider and approve PricewaterhouseCoopers as the independent auditor of EDL-Gen for 2013, for a remuneration of US$67,000.
EDL-Gen is one of the two public companies listed on the Lao Securities Exchange. Seventy-five percent of shares in the company are owned by the state owned enterprise Electricite du Laos and the rest are owned by private investors.
The government decided to turn EDL's electricity generation division into a company so the private sector could invest in its operations. The government believes the participation of the private sector will help to develop the energy sector and enable the country to boost its electricity-generating capacity so that it can provide power to more citizens.
The government also believes that listing the state owned enterprise on the Lao Securities Exchange will not only mobilise investment for the company's expansion but will also make its business operations more transparent.