On July 25th, the Ho Chi Minh City Stock Exchange (HoSE) sent a document requesting an explanation from Quoc Cuong Gia Lai Joint Stock Company (Quoc Cuong Gia Lai) regarding the continuous decline of its stock price, QCG, which fell to the floor for five consecutive sessions from July 19th to 25th.
According to the regulations of the State Securities Commission, listed companies must report and disclose information related to the company that may impact stock price fluctuations within 24 hours of a stock reaching the ceiling or floor price for five consecutive sessions or more.
HoSE has requested Quoc Cuong Gia Lai to comply with the above-mentioned regulations and disclose the relevant information.
QCG’s stock price chart during the recent period.
On July 18th, the Investigation Police Agency under the Ministry of Public Security decided to prosecute and arrest Ms. Nguyen Thi Nhu Loan, CEO of Quoc Cuong Gia Lai, for “Violation of regulations on the management and use of state assets, causing loss and waste” related to the land lot at 39-39B Ben Van Don, District 4, Ho Chi Minh City, in a case involving Vietnam Rubber Industry Group, Dong Nai Rubber Company, Ba Ria Rubber Company, the Ministry of Natural Resources and Environment, and related units.
At the close of the trading session on July 25th, QCG’s stock price continued to plummet to VND 6,800 per share. Since Ms. Loan’s detention, QCG’s stock price has dropped by more than 30%, resulting in a loss of over VND 800 billion in the market capitalization of Quoc Cuong Gia Lai, leaving it at approximately VND 1,870 billion.
The Board of Directors of Quoc Cuong Gia Lai announced that they are expediting the search for a new leader to manage the company as soon as possible to ensure its smooth operations. Additionally, they plan to elect Mr. Nguyen Quoc Cuong to the Board of Directors and have him take over the management of Quoc Cuong Gia Lai from his mother, Ms. Loan.
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