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Tuesday, June 18, 2024

AGM to disband one subsidiary, sell another

The Saigon Times

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HCMC – An Giang Import-Export Company has passed a resolution to disband its subsidiary, Angimex Food Purchasing Company, and sell another subsidiary, Dong Thap Agricultural Development Service Company (DASCO).

Financial difficulties prompted the firm to adopt this resolution. Besides, the move is aimed at restructuring its business operations, according to the food manufacturer, whose shares are traded on the Hochiminh Stock Exchange under the code AGM.

Established in April last year, Angimex, with chartered capital of VND50 billion, trades in cereal, rice and wheat, the local media reported.

Meanwhile, DASCO, founded in 2008, specializes in manufacturing fertilizer and pesticide.

As of December 31, 2022, AGM’s total short-term assets stood at VND370 billion while its short-term debt reached VND595 billion.

At the close today, February 22, AGM lost over 3%.

Heavy profit-taking pressure drove the VN-Index of the southern exchange down 27.95 points, or 2.58%, from the session earlier, at 1,054.28, with 60 winners and 364 losers.

Over 814 million shares valued at VND12.7 trillion changed hands, up 13% in volume and 7% in value against the previous session.

All 30 stocks in the VN30 basket fell into negative territory while bluechips became the main drag.

In the group of bluechips, steelmaker HPG was the most actively traded stock with a matching volume of 32.6 million shares.

Real estate developer HQC shot up to its upper limit and took the lead by liquidity on bourse with over 51 million shares changing hands.

On the Hanoi exchange, the HNX-Index continued its downward trend to lose 4.12 points, or 1.93%, from the previous session, at 209.96, with 61 gainers and 114 decliners.

Selling pressure pulled securities firm SHS down, but it became the most actively traded stock on bourse with 16 million shares changing hands, followed by oil and gas firm PVS with a matching volume of 14.5 million shares.

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