Coteccons Construction JSC (code: CTD) announced on September 23 that it had received a decision from the Ho Chi Minh City Department of Civil Execution to lift the freeze on the company’s accounts in the economic contract dispute between Coteccons and Boho Decor Co., Ltd.
At the same time, Coteccons also received a decision from the State Securities Commission approving the transfer of ownership of CTD shares purchased by the Coteccons Trade Union under the ESOP regulation.
Previously, on August 22, Coteccons announced that it had received a decision from the Ho Chi Minh City Department of Civil Execution to deduct money from the company’s accounts according to Decision No. 367/QD-CTHADS dated August 6, 2024, on freezing the disputed amount.
This decision was made to fulfill the payment obligation in the economic contract dispute between Coteccons and Boho Decor Co., Ltd., with the amount of payment due under the contract being nearly VND 29 billion.
In 2020, Boho Decor signed a contract with Coteccons for the design, supply, and construction of interiors for construction projects. On April 18, 2023, Boho Decor requested Coteccons to pay approximately VND 44 billion.
As Coteccons did not make the payment, Boho Decor filed a case at the Vietnam International Arbitration Center. On January 2, 2024, the Arbitral Tribunal ruled that Coteccons must pay nearly VND 22 billion to Boho Decor. On July 19, Coteccons received a decision from the Ho Chi Minh City People’s Court rejecting Coteccons’ request and requiring compliance with the arbitral award.
In terms of business performance, Coteccons published its consolidated financial statements for the fourth quarter of the 2023-2024 fiscal year (from July 1, 2023, to June 30, 2024) with net revenue reaching VND 6,595 billion, up 82% over the same period last year. As a result, Coteccons’ after-tax profit for the quarter reached nearly VND 60 billion, up 95% from the previous year.
For the entire 2023-2024 fiscal year, Coteccons recorded revenue of VND 21,045 billion, an increase of 31%. After-tax profit exceeded VND 299 billion, more than four times higher than the previous year and meeting the set plan.
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