A letter signed by Mr. Huynh Van Thon, Chairman of the Board of Directors and legal representative of Loc Troi Group, was released. In this letter, the Chairman of Loc Troi Group states that the company is facing some unforeseen events that have delayed the release of their second-quarter financial report for 2024.
Specifically, first, the company is navigating through unforeseen circumstances which require them to strengthen their operational capital for production and business activities. As a result, the entire company must focus on addressing immediate financial matters.
Secondly, the annual general meeting of shareholders for Loc Troi in 2024 was held later than in previous years.
Loc Troi’s rice export transportation – Photo: LTG
Furthermore, following the annual general meeting, the company experienced some personnel changes, including the replacement of key personnel. This has impacted the progress of data compilation and provision for the completion of the second-quarter financial report within the stipulated deadline.
Therefore, through this letter, the company respectfully requests the State Securities Commission and the Hanoi Stock Exchange to consider and approve a temporary postponement of the publication of their second-quarter financial report for 2024 until August 30, 2024,” Mr. Thon stated.
Regarding cash flow, during the recent winter-spring crop, the group owed farmers nearly VND 500 billion for their rice and had to employ various measures, even selling dry rice (instead of milled rice) to pay the farmers by May 21st.
Prior to this, on July 16th, after the dismissal of Mr. Nguyen Duy Thuan from the position of General Director, Mr. Thon sent an open letter to related organizations and individuals, stating that he would directly lead and manage all activities of the Group until a new General Director is appointed.
Mr. Thon affirmed that Loc Troi Group is still facing challenges and seeks the support of all parties, especially banks, to help the Group regain financial strength and stabilize production and business operations in the last six months of 2024 and beyond.
Regarding key personnel changes, in addition to the dismissal of the General Director, Ms. Nguyen Thi Thuy, a member of the Supervisory Board of Loc Troi Group, recently resigned on July 22nd.
