The planned execution time is in Q3/2024. If successful, IDJ will become a major shareholder of API with a 7.14% ownership stake.
Both API and IDJ are part of the “APEC family” of stocks, along with Asia-Pacific Securities Joint Stock Company (APEC, HNX: APS). It’s notable that since the beginning of May, all three of these stocks have had numerous ceiling sessions coinciding with the unexpected appearance of businessman Nguyễn Đỗ Lăng at the 2024 Annual General Meeting of API. Prior to this, Mr. Lăng was prosecuted and detained for stock market manipulation involving a group of enterprises, according to a decision by the People’s Procuracy of Hanoi in June 2023.
Specifically, in May alone, API stock recorded 12 ceiling sessions, starting from May 9, 2024, including 8 consecutive “purple” sessions until May 28. The stock price surged from around VND 4,000/share to VND 11,300/share at the close of the May 28 session, representing a staggering 176% increase in less than a month. Meanwhile, IDJ and APS stocks also witnessed 7 ceiling sessions during the same month.
At the close of August 27, API‘s market price retreated to VND 8,600/share. However, compared to the beginning of May, the stock price still reflected a significant increase of 110%. Based on this price, it is estimated that IDJ would need to invest nearly VND 52 billion to finalize the deal.
| Price Movement of API Stock Since the Beginning of the Year |
APEC Family Stocks Recover, Asia-Pacific Securities Reports 70% Profit Increase in Q2
 The three “APEC family” stocks exhibit similar patterns of increase and decrease. Source: VietstockFinance
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Also in May, the Board of Directors of IDJ decided to elect Mr. Nguyễn Đức Quân, a member of the Board of Directors, as Chairman of the Board, taking on the roles of managing the administration of the Company and disclosing information from May 28 onwards.
In terms of personnel, IDJ has just appointed Mr. Nguyễn Hữu Đạt as the Chief Accountant of the Company, effective August 20.
Mr. Nguyễn Đức Quân Appointed as Chairman of IDJ
Regarding business operations, IDJ recorded Q2 revenue of over VND 207 billion, a 26% decrease compared to the same period last year, while net profit reached nearly VND 40 billion, almost 2.5 times higher.
IDJ explained that during this period, the Company focused on project completion and product delivery to customers, while also optimizing incurred expenses, resulting in increased profits compared to the previous year.
For the first 6 months of the year, IDJ‘s net profit exceeded VND 55 billion, up 19% from the first half of 2023. Compared to the 2024 target of VND 104 billion in after-tax profit, IDJ has already achieved 53% of its goal.
| Business Results of IDJ from 2014 to 2024 |
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The FLC CEO’s Escape: How did he assist Trinh Van Quyet in fraud?
As the CEO and Chairman of Faros Construction Corporation, Doan Van Phuong, the defendant, instructed the members of the Board of Directors and the Executive Committee to issue a resolution to increase the charter capital and set up a fraudulent capital contribution dossier. The purpose was to assist Trinh Van Quyet in selling shares to misappropriate over 3,620 billion VND from investors in the stock market.
How did Trinh Van Quyet and his accomplices embezzle and gain illicit profits?
Trịnh Văn Quyết and his accomplices have embezzled hundreds of billions of Vietnamese dong for personal gain by trading shares of multiple companies on the stock exchange, spending on personal expenses, renovating their homes, and repaying loans.
