Trading of Loc Troi rice giant's shares is restricted

The Hanoi Stock Exchange has just sent a document to Loc Troi Group informing them that LTG shares are restricted from trading according to regulations. Accordingly, LTG shares can only be traded on Fridays every week from October 24. The reason is that the company is 45 days late in submitting its audited 2024 semi-annual financial report, compared to the prescribed deadline.

At the end of the session on October 21, LTG shares fell to VND9,400/share, down more than 30% compared to the beginning of October. Over the past year, this stock has evaporated 70%, from over VND33,000/share in September 2023 to below par value.

LTG shares of Loc Troi Group are put into trading restriction

Loc Troi has not yet announced the Financial Report for the second quarter of 2024 and the audited semi-annual Financial Report for 2024. The company said it is facing a force majeure event and must increase the stability of capital flow for production and business activities, and the entire company is focusing on handling immediate financial issues. At the same time, the 2024 Annual General Meeting of Shareholders was held later than in previous years. After the meeting, the company experienced personnel changes, changing some key personnel, so it was not until August 19 that the 2024 audit and review contract was completed. According to the Financial Report for the first quarter of 2024, the company recorded a high increase in revenue of VND 3,849 billion thanks to the rice segment but suffered a loss of VND 96 billion.

Most recently, on October 16, Loc Troi appointed Mr. Nguyen Tan Hoang as the company's General Director. In mid-July, Loc Troi dismissed Mr. Nguyen Duy Thuan from the position of General Director and after that, there was a lot of information about the dispute between the company and this former CEO.

As a leading unit in rice export, Loc Troi's business activities have recently declined. Although revenue remains high, profits have plummeted and peaked in the first quarter of 2024 with a loss. In 2023, the 2023 audited consolidated financial report recorded the company's after-tax profit of only 16.5 billion VND, down 93.8% compared to the self-made report of the fourth quarter of 2023 (265 billion VND). Thus, the company's profit in 2023 decreased by 96% compared to 2022.

Source: https://thanhnien.vn/co-phieu-ong-lon-gao-loc-troi-bi-han-che-giao-dich-18524102116375801.htm