In the latest announcement, Hoa Binh Construction Group Joint Stock Company (HBC) stated that from September 10th, over 347 million HBC shares will be transferred by the Vietnam Securities Depository and Clearing Corporation (VSDC) from HoSE to the UPCoM trading platform in terms of registration and securities depository data.
Prior to this, HBC had received a mandatory delisting decision from HoSE, effective September 6th. The last trading day was September 5th. The reason for this decision was that Hoa Binh Construction had incurred cumulative losses exceeding its paid-up charter capital, as per their 2023 audited financial statements.
Following the delisting “sentence”, in addition to expressing their disagreement with the grounds for HOSE’s decision, Hoa Binh Construction affirmed that they would proceed with the transfer of their shares to UpCOM. They also committed to continue diligently fulfilling their information disclosure obligations, ensuring transparency and protecting the interests of their shareholders. The transfer to the new exchange was expected to be completed by August 2024.
“The Company’s management is aware of the extremely serious consequences of the delisting of the Company’s shares. This directly affects more than 39,000 shareholders and thousands of employees who are economically dependent on the Company, as well as over 1,400 suppliers and subcontractors with hundreds of thousands of employees,” the statement from Hoa Binh Construction read.
In the market, HBC shares closed at VND 4,700/share on August 15th, a decrease of over 35% since the delisting decision was made.
A similar case involves more than 1.1 billion shares of HNG of Hoang Anh Gia Lai International Agriculture Joint Stock Company (HAGL Agrico), which were also delisted from September 6th due to three consecutive years of audited losses in the period of 2021-2023.
HAGL Agrico’s management believes that the company will generate profits in the coming years, thereby gradually reducing the accumulated losses on their financial statements in the shortest time possible. On the other hand, the delisting of their shares was also emphasized by the Chairman of the Board of Directors, Tran Ba Duong, as a necessary step to “start over.”
In the market, HNG shares are currently trading at VND 4,180/share. Within just half a month, the stock has lost 10% of its value.
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