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Monday, May 23, 2022

Louis Holdings fined for buying more TGG shares than registered

The Saigon Times

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HCMC – Louis Holdings has been fined over VND161.2 million as it acquired nearly 4.7 million TGG shares of Louis Capital JSC while it had earlier registered to buy only 3.6 million shares.

The State Securities Commission today, March 23, issued a decision on the financial penalty against Louis Holdings.

Besides the fine, the company was suspended from making stock transactions for two months.

On November 11 last year, Louis Holdings registered to acquire 3.6 million TGG shares. The transaction was planned to be conducted from November 17 to December 15 last year.

However, it bought nearly 4.7 million shares from November 17 to 30, 2021, exceeding the registered volume by nearly 1.1 million shares, valued at some VND10.7 billion.

In January this year, Louis Capital was also fined VND232.5 million for violating the regulations on information disclosure; and failing to ensure the numbers of non-executive and independent members in the company’s board in line with the law and appoint a person to govern the company.

Today, TGG dropped 2.78% at VND26,250.

On the HCMC bourse, the VN-Index edged down 1.44 points, or 0.1%, over the session earlier, at 1,502.34 points, with 192 advancers and 260 decliners.

Some 861.1 million shares worth over VND28 trillion were transacted on the bourse, down 9% in volume and 1.6% in value. Of the total, 72.4 million shares worth nearly VND3.7 trillion were traded in block deals.

Meanwhile, the HNX-Index inched up 0.75 points, or 0.16%, at 462.1 points. The bourse saw 132.9 million shares valued at nearly VND4.2 trillion change hands.

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