On May 5, 2023, Ho Chi Minh City Stock Exchange (HOSE) decided to transfer more than 2.2 billion HVN shares issued by Vietnam Airlines Corporation ( Vietnam Airlines ) from warning status to control status from May 12, 2023.
The reason given by HOSE is that Vietnam Airlines is 30 days late in submitting its audited financial report for 2022 compared to the prescribed deadline.
According to Point a, Clause 1, Article 39 of this Regulation, HVN shares will be subject to trading restrictions if Vietnam Airlines is more than 45 days late in submitting its annual financial report compared to the prescribed deadline.
HVN shares under control, Vietnam Airlines explains late submission of financial reports.
According to Point c, Clause 1, Article 10 of Circular 96/2020 of the Ministry of Finance , a public company must disclose its audited annual financial statements within 10 days from the date the auditing organization signs the audit report, but not exceeding 90 days from the end of the fiscal year.
For a fiscal year ending on December 31, 2022 like Vietnam Airlines, the financial report must be submitted no later than March 31, 2023. It is now May, more than 30 days past the deadline, but Vietnam Airlines has not yet announced its audited financial report for 2022.
Also on May 5, 2023, Vietnam Airlines also sent a written explanation to the Ho Chi Minh City Stock Exchange. Accordingly, on March 29, 2023, Vietnam Airlines sent a written explanation about the postponement of the announcement of financial statements for 2022. Vietnam Airlines is conducting a comprehensive restructuring, reorganizing and stabilizing production and business activities and gradually restructuring the enterprise.
In addition, the auditor needs more time to collect, compare and comprehensively evaluate relevant information to complete the audit of the Corporation's financial statements. Currently, Vietnam Airlines is working closely with the auditor to complete and publish the Financial Statements as soon as possible.
" The airline corporation commits to disclosing the parent company's and consolidated financial statements for 2022 immediately after completion ," Vietnam Airlines General Director Le Hong Ha committed in a document sent to HOSE.
At the same time, Vietnam Airlines leaders committed that in the coming time, the Corporation will strictly comply with regulations on publishing annual financial reports in accordance with regulations to ensure maximum benefits for investors and transparency of the Corporation.
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