The State Securities Commission (SSC) has issued Decision No. 86/QD-XPHC regarding administrative violations in the securities sector and stock market for Binh Duong Mineral and Construction Joint Stock Company (Stock code: KSB) with its headquarters at Binh Duong Boulevard, Hoa Lan 1 Quarter, Thuan Giao Ward, Thuận An City, Binh Duong Province.
Specifically, KSB was fined 65 million VND for publishing information out of the legal requirement time frame on the following documents: 2022 semi-annual report on the use of capital from bond issuances; 2022 semi-annual report on payment of interest and principal; 2022 report on the company’s commitments to bondholders.
In addition, KSB was also fined 65 million VND for publishing incomplete information in accordance with legal regulations related to the following information: 2021 company governance report, 2022 first six months report, 2022 report lacking complete information according to legal regulations: section VIII.1 List of insiders and related persons of insiders failed to provide complete information on related persons (Mr. Ton That Dien Khoa is still a member of the Board of Directors of Hung Hao Agricultural Joint Stock Company and a member of the Supervisory Board of Bao Long Insurance Corporation); Lack of information on transactions between Binh Duong Mineral and Construction Joint Stock Company and related parties of Binh Duong Mineral and Construction Joint Stock Company in 2021 and 2022, specifically: capital contributions, capital transfers, land and infrastructure leasing, sales with subsidiaries (KSB Investment Limited Liability Company, KSB Industrial Development Limited Liability Company, KSB Cao Minh Long Limited Liability Company, Thang Long Mining Service Transportation Cooperative) (the above transactions have been recorded in the audited financial statements for 2021 and 2022).
The total amount of fines imposed on KSB for the above two violations was 130 million VND.
In the market, at the end of the trading session on March 11, KSB’s stock price was 25,000 VND per share. Over the past year, KSB’s stock price has fluctuated continuously from around 20,000 VND per share in May 2023 to a peak of around 28,000 VND per share in September 2023. Then, KSB steadily declined to a price of around 18,000 VND per share in November 2023 before gradually recovering to the current level.
Source: Fireant
In terms of business results, in the fourth quarter of 2023, KSB recorded a record low net profit of nearly 2 billion VND compared to the previous quarter’s figure of around 20 billion VND, despite a significant increase in revenue to 138 billion VND compared to the previous quarter’s figure of 117 billion VND.
