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Hoang Anh Gia Lai fined over unannounced share sales

The Saigon Times

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HCMC – The State Securities Commission (SSC) has imposed a VND3 billion fine on Hoang Anh Gia Lai JSC (HAG) and suspended it from trading shares for five months due to its unannounced plan to trade HNG shares of HAGL Agrico.

Hoang Anh Gia Lai JSC used HNG shares as guarantees for the corporate bonds issued by Tay Nguyen Agrico at banks, according to SSC.

Doan Nguyen Duc is board chairman of Hoang Anh Gia Lai JSC and also vice chairman of Hoang Anh Gia Lai Agricultural JSC (HAGL Agrico).

HAGL Agrico’s debt owed to banks is overdue, so those banks sold 20 million HNG shares on January 7 and 5.4 million more three days later to recover debt.

However, Hoang Anh Gia Lai JSC failed to announce the plans of these transactions valued at VND325.1 billion, the local media reported.

Closing the trading session today, May 20, HAG lost 0.44%, while HNG slid over 1%.

With 209 winners and 223 losers, the VN-Index of the Hochiminh Stock Exchange inched down 0.93 point, or 0.07%, from the previous session, at 1,240.71. Trade volume totaled over 504 million worth VND12.5 trillion, up 1.6% in volume but down 2.6% in value against the day earlier.

In the VN30 basket, 10 stocks rose while 17 others lost.

The HNX-Index of the Hanoi Stock Exchange fell by 1.01 points, or 0.33%, against the session earlier, at 307.02, marking the third straight session of losses.

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