Tuesday,  Sep 25, 2018,07:52 (GMT+7) 0 0
Many firms subject to delisting
The Saigon Times Daily
Friday,  Mar 9, 2018,21:35 (GMT+7)

Many firms subject to delisting

The Saigon Times Daily

HCMC – Though the stock market is experiencing busy trading days with long gaining streaks, many businesses are running the risk of delisting due to their protracted losses, Doanh Nhan Sai Gon online newspaper reported.

As of March 2, the VN-Index of the Hochiminh Stock Exchange continued to gain 137 points against the beginning of the year, or up nearly 14%. Many stocks recorded big gains, especially banking stocks. Investors continued to pour money into businesses with good performance in 2017 or those on the recovery path after getting restructured.

Despite this robust growth, many enterprises have still been racking up losses. Under Government Decree 58/2012/ND-CP, any enterprises incurring losses in three years in a row must be delisted.

With 2017’s quarter four financial reports, enterprises like Vietnam National General Export - Import Joint Stock Company No.1 (TH1), Hung Long Mineral and Building Materials Joint Stock Company (KHL), Bach Dang TMC Construction Investment Joint Stock Company (BHT), HCMC Textbook Printing Joint Stock Company (SAP), Song Da Electrical Engineering Joint Stock Company (SDE) and Saigontourist Transport Corporation (STT) have incurred losses in three years and thus may get delisted.

The Hochiminh Stock Exchange (HOSE) has issued a warning against Hoang Anh Gia Lai Joint Stock Company for the late release of its 2017 financial statement as stipulated in Decree 58/2012/ND-CP. The company was also late in submitting its financial statements in 2015 and 2016.

Besides enterprises facing delisting risks, many others are put under supervision or warned such as Angiang Fisheries Import & Export Joint Stock Company (AGF) and Binh Thuan Mineral Industry Joint Stock Company (KSA) with violations concerning information disclosure, Hung Vuong Corporation (HVG), Phuong Nam Cultural Joint Stock Corporation (PNC) and Pacific Infrastructure Project Development and Investment Corporation (PPI) with losses.

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