The Ho Chi Minh City Stock Exchange (HoSE) recently announced that the shares of An Giang Import Export Joint Stock Company (Angimex, code: AGM) will be transferred from the suspended trading category to the controlled category.
Specifically, based on the documents, information disclosure and reports on remedying the suspended trading condition that AGM has reported and disclosed to HoSE, within 6 consecutive months from September 11, 2023 (the date HoSE decided to suspend trading), AGM has not violated the regulations on information disclosure and remedying the causes of the suspended trading condition.
However, up to the present time, AGM has not yet published the audited financial report for 2023. Therefore, HoSE will transfer AGM shares from the suspended trading category to the controlled category and resume full-time trading as regulated.
After AGM publishes the audited financial report for 2023 in accordance with regulations, HoSE will consider removing AGM shares from the controlled category.
An Angimex motorcycle shop and repair service
It is known that AGM shares have been suspended from trading since September 18, 2023, along with 4 other stocks including HPX of Hai Phat Investment Corporation, TTB of Tien Bo Corporation, IBC of Apax Holdings and TGG of The Golden Group. At this time, all 5 stocks are in the restricted category and can only be traded in the afternoon session.
The reason for the suspension of trading is that the companies continue to violate the regulations on information disclosure in the stock market after being placed in the restricted trading category, which falls under the case where stocks are suspended from trading.
In another development, in early March 2024, Angimex plans to divest up to 3.25 million shares equivalent to VND 32.5 billion, accounting for 29.55% of Golden Paddy’s charter capital. The proceeds from the divestment will be used to supplement Angimex’s working capital.
Prior to this, Angimex has approved the transfer of 25% of its capital contribution in Saigon – An Giang Trading Company Limited (Sagico). The transfer price has not been disclosed, but will be based on the proposal of the 3 parties including Ho Chi Minh City Cooperative Alliance, An Giang Food Export Import Corporation (code: AFX, UPCoM exchange) and Angimex.
On March 20, Angimex will finalize the list of shareholders to hold the annual general meeting of shareholders in 2024. The meeting is expected to be held from April 19 to April 25.
Regarding the company’s business situation, according to the independent report, Angimex’s net revenue in 2023 reached VND 788 billion, a decrease of 77% compared to 2022. In which, revenue from grain sales decreased by nearly 87% to VND 333 billion; revenue from Honda motorcycles, spare parts and repair services reached VND 410 billion, down 32%.
Although it has actively cut costs, Angimex still incurred a net loss of VND 208 billion, while it reported a loss of VND 234 billion in the previous year.
In 2023, the rice industry enterprise set a revenue target of VND 1,123 billion and pre-tax profit of VND 12 billion. Therefore, the actual business results of Angimex are far from the set target.
In another development, HoSE also announced the removal of HPX shares of Hai Phat Investment Corporation (Hai Phat Invest, code: HPX) from the suspended trading category. Based on the company’s information disclosure situation, within 6 consecutive months from the date HoSE decided to suspend trading, Hai Phat did not violate the regulations on information disclosure.
Therefore, HoSE will remove HPX shares from the suspended trading category and resume full-time trading as regulated. However, HoSE has not announced a specific time.
On March 7, Hai Phat announced that it has completed the remedying of the suspended trading condition. Specifically, HPX has disclosed the separate semi-annual financial statements for the year 2023 and the consolidated semi-annual financial statements for the year 2023 within the prescribed time.
Previously, HoSE decided to transfer HPX shares from the restricted trading category to the suspended trading category from September 18, 2023. The reason was that the company did not disclose the semi-annual financial statements for 2023 within the prescribed time.
