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Sunday, June 16, 2024

Businesses delay listing on HOSE

By N. Tan

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HCMC – Businesses have postponed their plans to list their shares on the Hochiminh Stock Exchange, or HOSE, amid financial market volatility.

The southern bourse has announced Phu Hung Securities Corporation withdrew its application for listing on HOSE given the current downbeat mood.

The company, which trades its PHS shares on the Unlisted Public Company Market, applied to list 150 million PHS shares, whose value amounted to VND1.5 trillion, on HOSE in November last year.

Ton Dong A Corporation and Sacom Land Corporation also canceled their registrations for listing on HOSE due to poor business performance and unfavorable business conditions.

Ton Dong A reported a 14% year-on-year drop in revenue last year, at VND21.6 trillion, resulting in a net loss of VND276 billion, compared to a profit of VND1.2 trillion in 2021. With such results, HOSE may turn down its application, the firm said, adding that it would apply for listing at another time.

Meanwhile, Sacom Land incurred a loss of VND62 billion in 2022 due to the dormant real estate market. It estimated its loss this year at VND16 billion.

In the first quarter, the HOSE saw only one stock listed on the bourse, whose code was PVP of the Pacific Petroleum Transportation JSC.

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