The Pomina Steel Joint Stock Company (POM) has recently responded to the Ho Chi Minh City Stock Exchange’s (HoSE) notification that POM’s shares may be delisted if the company fails to submit the audited financial report for the year 2023 on time.
Specifically, on February 2, 2024, HoSE sent a reminder letter to POM about the possibility of delisting if the organization fails to submit the audited financial report for three consecutive years. Therefore, HoSE has cautioned that POM shares may be delisted if the company continues to delay the submission of the audited financial report for 2023 (i.e., the report must be submitted before April 1, 2024).
“With this announcement, we would like to inform our valued shareholders and customers, as well as our partners, that they should be aware of the need to submit the audited financial report for 2023 on time, as stated in HoSE’s reminder letter.”
We affirm that Pomina Steel will strictly comply with the regulations and not allow the risk of delisting POM shares. Currently, the company is making efforts to complete the audited financial report for 2023 ahead of schedule. Pomina has implemented measures to address the delay in completing the audit report and is committed to avoiding any risks in ensuring the deadline for submitting the audited financial report for 2023,” the statement from POM said.
2023 was a difficult year for the economy in general and the steel industry in particular. At POM, the positive point is that the company has reached agreements for offsetting and selling shares to suppliers up to the present time, with a total value of nearly 252 billion VND, most of which were traded at an agreed price of 10,000 VND per share. The outstanding debts will be canceled after offsetting, and the suppliers will become shareholders of the company.
Viet Steel Trading and Manufacturing Co., Ltd. (with Chairman of the Board of Directors being Mr. Do Duy Thai) is still a major shareholder of POM and has not sold any shares. In the announcement on January 24, 2024, Viet Steel still holds direct ownership of over 146 million shares, equivalent to 52.32% of POM’s charter capital. After offsetting the debts with suppliers, the shares held by Viet Steel and internal shareholders still account for over 70% of POM’s charter capital. In which, the largest shareholder is Viet Steel with 146 million POM shares, equivalent to 52.33% of the charter capital. Other internal shareholders hold nearly 60 million POM shares, equivalent to more than 20% of the company’s charter capital.
POM has also announced the last registration date to attend the extraordinary shareholders’ general meeting (EGM) to approve the company’s restructuring plan. The last registration date is February 16, 2024. The date and time for the extraordinary shareholders’ general meeting will be announced later.