On April 23rd, 2024, the Inspection Department of the State Securities Commission of Viet Nam (SSC) issued Decision No. 175/QD-XPVPHC, imposing an administrative penalty on Seedcom with a total fine of VND 162.5 million.
Specifically, Seedcom was fined VND 85 million for failing to submit information disclosure (ID) to the Hanoi Stock Exchange (HNX) for the following documents: Report on the use of funds from the bond issuance of 2020; 2020 Financial Report; Report on the payment of interest and principal of bonds for 2020; Late submission of ID to HNX for the following documents: Report on the situation of using the source of capital from issuing bonds in the first half of 2021; Report on the use of capital from issuing bonds in 2021; Financial Report for the first half of 2021; Situation of payment of interest and principal of bonds in the first half of 2021.
In addition, Seedcom was also fined VND 77.5 million for violating the completion of distribution of SEECH2123001 bond code within 90 days from the date of information disclosure prior to the bond offering.
Seedcom was established in August 2017, with initial charter capital of VND 58 billion, by three founding shareholders: Le Quang Hung (96.5%), Mai Hoang Phuong (1.1%), and Nguyen Duy Linh (2.38%).
In November 2017, the founding shareholders divested and transferred shares to Ficus Asia Investment Fund (Ficus), headquartered in Singapore. Since October 2018, Mr. Nguyen Hoanh Tien has been appointed as General Director.
Updated business registration in June 2022, Seedcom increased its charter capital to VND 690.7 billion. At this time, the foreign shareholder divested, and the new owner was Seedcom Investment Joint Stock Company, headquartered in Ben Nghe Ward, Ho Chi Minh City.
Since March 2013, Mr. Nguyen Hoanh Tien has been the Chairman of the Board of Directors and Mr. Dinh Anh Huan has been the General Director.
Seedcom currently owns an ecosystem revolving around the retail sector, including The Coffee House coffee chain, Kingfoodmart, fashion brand Hnoss, and Juno.
Regarding the parent company, Seedcom Investment, this is also a company founded by Nguyen Hoanh Tien and Dinh Anh Huan. The owner of Seedcom Investment is Seedcom Group Joint Stock Company.
Ficus Asia Investment Fund owns 98% of Seedcom Group. Therefore, Ficus Asia Investment indirectly owns Seedcom, Seedcom is the subsidiary of Ficus Asia Investment.
Seedcom currently owns an ecosystem revolving around the retail sector with coffee chain The Coffee House, Kingfoodmart, fashion brand Hnoss, and Juno.
Also on April 23rd, the SSC issued Decision No. 178/QD-XPHC on administrative penalty on iGARTEN Education Development Joint Stock Company in the amount of VND 92.5 million.
The reason is that the company did not disclose to the Hanoi Stock Exchange for the following documents: Financial Report for the first half of 2021; Financial Report of 2022; Report on the implementation of the commitments of the bond-issuing enterprise to bondholders for 2022; Report on the payment of principal and interest on bonds for 2022; Report on the situation of using the money from the bond issuance audited in 2022; Financial Report for the first half of 2023; Report on the implementation of the commitments of the bond-issuing enterprise to bondholders in the first half of 2023; Report on the payment of principal and interest on bonds in the first half of 2023; Report on the use of money from bond issuance audited in the first half of 2023; Late submitting the information disclosure to the Hanoi Stock Exchange for the following documents: Report on the use of capital from bond issuance in the first half of 2021; Payment of principal and interest on bonds in the first half of 2021.
On the same day, the SSC issued Decision No. 179/QD-XPHC on administrative penalty on Ozen Health and Beauty Joint Stock Company with a fine of VND 92.5 million.
The reason is that this company did not send information disclosure to the Hanoi Stock Exchange for the following documents: Financial Report of 2022; Report on the implementation of the commitments of the bond-issuing enterprise to bondholders in 2022; Report on the payment of principal and interest on bonds in 2022; Report on the use of the money from the bond issuance audited in 2022; Financial Report for the first half of 2023; Report on the implementation of the commitments of the bond-issuing enterprise to bondholders in the first half of 2023; Report on the payment of principal and interest on bonds in the first half of 2023; Report on the use of the money from the bond issuance audited in the first half of 2023.
