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Thursday, October 6, 2022

HOSE imposes trading suspension on FLC, HAI

The Saigon Times

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HCMC – The Hochiminh Stock Exchange (HOSE) has decided to suspend the FLC Group (FLC) and its affiliate, HAI Agrochem JSC (HAI), from trading their shares due to information disclosure violations, with effect from September 9.

In mid-August, HOSE warned FLC and HAI of trading suspension, since the two firms failed to release their audited 2021 financial statements and select a firm to audit their business operations in the 2021-2022 period. They firms were also slow to publicize their reviewed 2022 semi-annual financial report.

In response, FLC sent a dispatch presenting its remedies to the information disclosure violations. The group said it planned to organize its 2022 annual general meeting in November this year to pass a plan to select an auditing firm.

Given such a plan, HOSE said that FLC could fail to publicize its 2022 reviewed semi-annual financial report as scheduled for August 29. Its failure to announce the semi-annual financial report timely would be seen as a continued violation of information disclosure regulations.

The shares of FLC and HAI have been restricted from trading on the southern bourse since June 1.

On the local stock market, FLC inched down 0.5% at VND4,000, while HAI improved 1.11% at VND1,820 yesterday, August 31.

Earlier, FLC Faros Construction JSC, another member in the FLC ecosystem, was forced to delist its ROS shares from HOSE from September 5, after it was banned from trading its shares on the bourse from August 12.

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