“A Fine for Delayed Public Offering: Âu Lạc’s $350,000 Penalty”

The SSC has issued Decision No. 951/QD-XPHC on administrative sanctions against Au Lac Joint Stock Company (located at 117 Nguyen Cuu Van, Ward 17, Binh Thanh District, Ho Chi Minh City)

Accordingly, Au Lac JSC was fined VND 350 million under Point e, Clause 3, Article 18 of Decree No. 156/2020/ND-CP for failing to register for trading or listing securities.

Specifically, Au Lac Joint Stock Company became a public company on August 6, 2007, but has not registered for trading or listed its shares on a stock exchange until now.

It is known that Au Lac Joint Stock Company was established on September 4, 2002. The company’s main business lines include coastal and offshore fuel transportation; inland waterway fuel transportation; maritime services – ocean transportation business; ship agency services, etc.

Currently, Ms. Ngo Thu Thuy is the Chairwoman of the Board, and Mr. Mai Van Tung is the Director.

In terms of financial status, as of June 30, 2024, Au Lac JSC has total assets of VND 2,546.6 billion. Of which, fixed assets account for VND 1,088.9 billion, or 42.8% of total assets; money and short-term financial investments account for VND 1,027.9 billion.

In the first six months of 2024, Au Lac JSC recorded revenue of VND 796 billion, up 55% over the same period, and after-tax profit of VND 171 billion, up 87% over the same period last year.

According to explanations from Au Lac JSC, the profit increase was due to the addition of three new ships to the company’s fleet from March 2023 to June 2023. As a result, there were only slightly over five operating ships in the first half of 2023, compared to eight ships in the same period of 2024, which contributed to the increase in revenue and profit compared to the first half of 2023.