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Tuesday, May 24, 2022

Fortex (FTM) faces delisting

The Saigon Times

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HCMC – The Hochiminh Stock Exchange (HOSE) has announced that the FTM shares of Duc Quan Investment and Development, or Fortex, might face delisting.

Earlier on January 21, HOSE received the firm’s financial statement of the fourth quarter in 2021. Accordingly, Fortex’s after-tax profit in 2021 was negative VND223.2 billion.

Besides, the cotton yarn manufacturer posted an after-tax profit of negative VND93.7 billion and VND200 billion in 2019 and 2020, respectively, according to the audited financial statements.

Due to its heavy losses for three consecutive years in line with Article 120 of Decree 155, the firm might face delisting, the local media reported.

The FTM shares will be delisted if the firm’s 2021 after-tax profit is negative in accordance with the 2021 audited financial statement.

FTM closed the session down 5.45% at VND5,900 per share today, January 25.

The southern bourse turned positive today as 304 stocks gained while 150 others lost. The VN-Index improved 39.87 points, or 2.77%, from the session earlier, at 1,479.58. Over 751 million shares worth VND22.2 trillion changed hands, down 7% in volume and 3% in value, against the previous session.

In the VN30 basket, 28 stocks were in positive territory, while dairy firm VNM finished down 2.2% and brewery SAB stood at the reference price.

The HNX-Index of the Hanoi Stock Exchange added 2.36%, or 9.47 points, against the session earlier, at 410.23, with 134 gainers and 86 losers.

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