Vietnam’s State Securities Commission (SSC) has recently issued Decision No. 172/QD-XPHC, imposing an administrative fine on Total Department Store Joint Stock Company (TBH on UPCoM).
The company was fined VND 92.5 million for failing to disclose information as required by law. Specifically, TBH did not publish financial statements for the first, second, third, and fourth quarters of 2022, 2023, and 2024, as well as audited financial statements for the same years, on the SSC’s disclosure system and the website of the Hanoi Stock Exchange (HNX).
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Additionally, they failed to disclose decisions related to changes in the positions of General Director and Chief Accountant, as well as the 10th change to their business registration, within the stipulated timeframe.
Prior to this fine, HNX had already restricted trading of TBH shares due to the company’s failure to hold annual general meetings of shareholders for the past two financial years within the maximum time frame allowed.
Moreover, the company was late in submitting its audited semi-annual financial statements for 2022, 2023, and 2024, and its audited financial statements for 2020 showed negative equity.
As a consequence of these violations, TBH shares are now only allowed to be traded on the sixth session of each trading week, following their removal from the restricted trading list.
Total Department Store Joint Stock Company, established in 2004, primarily engages in commercial trading and real estate business. As of December 31, 2021, its charter capital stood at nearly VND 931.2 billion, equivalent to over 93.1 million shares, with Phu Thanh Investment and Construction Joint Stock Company holding 96.65% of the shares.
The latest update on December 5, 2024, indicates that Mr. Hoang Trung Kien, the company’s General Director, is also the legal representative of several other companies, including Soleil Hotel Investment and Service Joint Stock Company and THM – Concrete Production and Trading Joint Stock Company.
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