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Saturday, October 8, 2022

FLC, HAI face trading suspension

The Saigon Times

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HCMC – The Hochiminh Stock Exchange (HOSE) will ban FLC Group (FLC) and HAI Agrochem JSC (HAI) from trading their shares due to delays in releasing their audited 2021 financial reports.

HOSE on August 16 sent its warnings of trading suspension to FLC and HAI, the local media reported.

As of August 15, the two firms had not organized an annual general meeting and publicized their audited 2021 financial reports, and failed to select a firm for auditing their business operations in the 2021-2022 period.

Pursuant to the listing regulations, stocks will be suspended if issuing firms delay sending their audited financial statements for over six months or repeatedly violate regulations on information disclosure after a restriction is imposed on their trading.

The FLC and HAI stocks have been restricted for trading since June 1. The two firms are trading their shares only in the afternoon phase.

HOSE also asked FLC and HAI to explain their plans to hold their annual shareholders meetings and choose auditing firms prior to August 19.

On August 12, ROS, which is linked to FLC Group, was suspended from trading.

The negative news sent FLC and HAI shares down to their floor prices at the close today, August 17.

The VN-Index of the HCMC bourse edged up 0.59 points, or 0.05%, from the session earlier, at 1,275.28, with 189 gainers and 247 decliners.

There were over 711 million shares worth VND17.7 trillion changing hands, up 15.8% in volume and 19% in value against the previous session.

In the VN30 basket, real estate company PDR reported the sharpest rise at 6.8%, with a matching volume of 5.2 million shares.

On the Hanoi Stock Exchange, the weak performance of many large-cap stocks dragged the HNX-Index down. The index lost 0.43 points, or 0.14%, from the session earlier, at the close.

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