Photo: ABA Cooltrans
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The State Securities Commission (SSC) has issued an administrative penalty decision for violations in the securities and stock market sector against A BA Trading Solutions Joint Stock Company (ABA Cooltrans).
Specifically, ABA Cooltrans has been fined 65 million VND for the act of late disclosure of information as prescribed on the SSC’s information disclosure system, including separate and consolidated financial statements for 2022 that have been audited; Annual report 2022; Consolidated financial statements for Q3 and Q4, 2022; Separate financial statements for Q1, 2023;
Meeting minutes, Resolutions of the Annual General Meeting of Shareholders 2023; Explanation of the reasons for the after-tax profit change of 10% or more compared to the same period of the previous year for Q3 and Q4, 2022, Q1, 2023 financial statements;
Decision dated November 28, 2022 on the appointment of Chief Accountant; Decision dated January 1, 2023 on the appointment of Commercial Director; Decision dated January 6, 2023 on the change of information discloser; information disclosure regarding the change of the Company’s electronic information page address.
In addition, ABA Cooltrans has been fined 350 million VND for the act of unregistered securities trading. Specifically, the Company completed the public company registration on August 31, 2022, however, the Company has not registered the shares for trading on the stock exchange system until now.
Therefore, the total fine amount for the Company is 415 million VND. As for the remedy measure, ABA Cooltrans is required to submit the securities trading registration documents to the Vietnam Stock Exchange and its subsidiary within a maximum period of 60 days (from the effective date of this Decision) for the act of unregistered securities trading as prescribed. This Decision is effective from February 28, 2024.
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ABA Cooltrans was established in 2008 by Mr. Luu Quang Thi (Chairman of the Board of Directors), is a provider of services and solutions in the integrated cold supply chain in Vietnam. The Company owns nearly 300 specialized refrigerated trucks for transportation; a cold storage system with a capacity of 45,000 pallets (15,000 in Hanoi and 30,000 in Ho Chi Minh City); the company has the capability to transport goods two-way South – North.
The initial charter capital of the Company was 5 billion VND and it has increased its charter capital to over 152 billion VND, in which two major shareholders are Beautegrity Pte. Ltd with a stake of 48.16%; ABA Invest with a stake of 41.26%.
In terms of business performance, in 2022, ABA Cooltrans recorded a consolidated net revenue of 325 billion VND, almost flat compared to the same period and a loss of 46 billion VND (compared to a loss of 44 billion VND in the previous year). The Company’s total assets as of the end of 2022 reached over 367 billion VND. The payable debt level is 349 billion VND, of which, the borrowing debt is nearly 277 billion VND.
