SMC Joint Stock Commercial Investment Company (SMC-HOSE) announces the delisting of its bonds at the Vietnam Securities Depository and Clearing Corporation (VSDC).
The SMC bonds, with the code SMC12101, are corporate bonds with a face value of VND 1 billion each.
A total of 200 bonds will be delisted, amounting to a total value of VND 200 billion. The delisting will take effect on August 22, 2024, as the bonds have reached their maturity date.
According to VSDC, from August 22, 2024, the Certificate of Securities Registration No. 58/2023/GCNTPRL-VSDC issued by VSDC on August 24, 2023, and the bond codes SMC12101 and ISIN VN0SMC121017 will no longer be valid.
Prior to this announcement, HOSE had placed SMC shares on its warning and surveillance list from April 10, 2024, due to negative post-tax profits and post-tax profits for the parent company reported in the audited consolidated financial statements for 2023.
To address this issue, SMC Joint Stock Commercial Investment Company reported a post-tax profit of over VND 65.2 billion for the first six months of 2024, a significant recovery from the loss of over VND 407.8 billion in the same period last year.
During the first half of this year, SMC implemented various solutions to improve its business performance and efficiency, including accelerating the disposal of assets and financial investments, closely monitoring macroeconomic trends and the steel industry to inform its business strategy, and actively addressing overdue debts.
SMC has also practiced cautious, appropriate, and flexible inventory management and purchasing, optimizing stock levels based on market dynamics. The company has focused on enhancing the quality and quantity of its business operations while strengthening the management and control of accounts receivable and credit risk.
In the latter half of 2024, SMC will continue to implement business solutions and enterprise restructuring to ensure profitability and fully address the issue of negative post-tax profits.
In the stock market, SMC shares closed at VND 11,000 per share on August 26, down 45% from its peak of VND 20,200 per share on July 11.
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