CTC to hold annual shareholders meeting in 2011

On May 24^th, 2011, Cangio Tourist City Corporation (C.T.C) held the annual shareholder meeting of 2011, summarizing and reporting the company’s operation and activities in 2010 as well as operation plan for 2011.

Welcoming the shareholders

More than 90% of shareholders (including corporation and individuals) attended the meeting in which the company and the shareholders discussed and worked out the optimal solution in order to implement Saigon SunBay project as scheduled.

Leader delegate of congress.

Mr. Nguyen Huu Tho - Chairman of Director Board CTC

Reports on the C.T.C’s operations and profit dividend in 2010 were all approved by the Board. Accordingly, C.T.C achieved a 26 billion VND pre-taxed profit in 2010 of which 6.8 billion VND was contributed to the State Budget. The company also perfectly prepared plans for executing the first phase of Saigon SunBay along with calling investment for the project. Those preparations are basic platforms for the company’s plans in 2011, which was also another important subject discussed and adopted at the meeting. According to a majority of opinions at the meeting, although the 2011 economy was forecasted to be without positive changes, the deployment of Phase 1 was absolutely feasible with advantages in calling investment for the project.

After 2 hours of discussing, the main subjects approved by the union president board and shareholders were: Report on operations and profit devidend methods in 2010, The operation plan in 2011 to implement Phase 1 of Saigon SunBay. There were also new members added to the C.T.C’s director board this tenure, including: Mr. Le Hoang Lan – Deputy General Director of SGI, Mrs. Ngo Thi Phuong Thuy – Deputy General Director of Saigon Construction Corporation, Mr. Dang Thanh Tam – SGI and Mr. Nguyen Son – a shareholder.

Mr Dang Thanh Tam - gave opinion in congress.

With the positive vision about the economy changes in 2012, CTC determined to start executing Phase 1 right at the moment to make it the financial leverage for later stages of the project. Saigon SunBay obviously owns such a natural advantage of a favorable position as it is the only place of HCM placed between sea and forest. The feasibility of the project is strongly guaranteed by the top consultants such as Aedas, CPG and Savills. Most importantly, it received many special attentions from the leaders of Ho Chi Minh City. With all the mentioned advantages, CTC believe in the future success of Saigon SunBay.

Shareholder meeting resolution 2011 was adopted