Ricons shareholders do not want to list shares yet

Ricons' Board of Directors said that at the 2020 Annual General Meeting of Shareholders, the General Meeting of Shareholders approved the Stock Listing Plan, and Ricons has also carried out work to realize this plan. However, at the 2023 Annual General Meeting, shareholders approved the content of postponing the Ricons stock listing plan as well as postponing the registration of stock transactions until the market is positive, according to the proposal of the group of shareholders owning more than 10% of charter capital.

Ricons Board of Directors reported to the congress that, according to Law No. 56/2024/QH15 effective from January 1, 2025, a public company will have its public status revoked if, within 01 year from the date the State Securities Commission confirms the completion of the public company registration or from the date of completion of the public offering, the company does not register its shares at the Vietnam Securities Depository and Clearing Corporation or does not register for listing or trading of shares on the Stock Exchange.

The company has postponed the listing plan "until the market is positive" according to the Resolution of the 2023 Shareholders' Meeting. Up to now, the economic situation in general and the stock market in particular are having many fluctuations. However, due to the above regulations, the Board of Directors submitted to the 2025 annual meeting to terminate the "postponement of the listing plan of Ricons shares as well as postponement of registration for stock trading until the market is positive".

If approved, the company will continue to centrally register all shares at VSDC in 2025 and list shares after meeting the prescribed legal conditions.

The expected stock code is RTD and the expected listing exchange is Ho Chi Minh City Stock Exchange.

However, the voting results showed that only 14.47% of the total voting shares of the attending shareholders approved the proposal, while 69.64% disagreed and 15.89% had no opinion. With this result, the proposal was not passed.

According to Ricons' annual report, as of December 31, 2024, the company has 512 shareholders, including 504 domestic shareholders (5 institutional shareholders holding 15.5% and 500 individual shareholders holding 74.1%) and 8 foreign shareholders (3 foreign shareholders holding 9.8%).

Except for the above report, all other contents were approved by the General Meeting of Shareholders.

Regarding the 2025 business plan, Ricons targets a slight decrease in consolidated revenue this year, reaching VND8,000 billion (realized in 2024 is VND8,012 billion). The net profit plan is VND200 billion, an increase of 26% compared to the previous year.

Ricons leaders said that in 2025, the construction industry is expected to have good growth based on the Government's promotion of public investment, continued maintenance of monetary and fiscal policies to expand economic growth as well as legal solutions to support the recovery of the real estate market.

However, the industry will also face many challenges such as high competitive pressure among companies in the industry, the pressure to repay maturing bonds of real estate investors is still high, market liquidity has recovered but is still relatively slow...

Source: https://baodautu.vn/co-dong-ricons-chua-muon-niem-yet-co-phieu-d312638.html