Quoc Cuong Gia Lai shares hit the floor in 5 sessions, Ms. Nhu Loan's assets 'lost' 250 billion

On July 25, the Ho Chi Minh City Stock Exchange issued a document requesting Quoc Cuong Gia Lai Joint Stock Company (Quoc Cuong Gia Lai; stock code: QCG) to disclose information about QCG's stock price hitting the floor for 5 consecutive sessions.

Specifically, from July 19 to July 25, QCG stock price decreased from VND 9,070/share to VND 6,800/share.

Pursuant to the regulations of the Ministry of Finance on guidance on information disclosure on the stock market, the Ho Chi Minh City Stock Exchange requires Quoc Cuong Gia Lai to disclose unusual information in case the company becomes aware of an event or information that affects the stock price and the company must confirm or correct such event or information.

Quoc Cuong Gia Lai's stock price has continuously dropped since the day Ms. Nguyen Thi Nhu Loan was prosecuted. Photo: Investment Newspaper

At the end of the trading session on July 25, Quoc Cuong Gia Lai's QCG stock price closed at VND6,800/share. This is the fifth consecutive trading session that the company's stock price has hit the floor. While the matched volume was only 51,000 units, the number of shares sold at the floor price was over 6.1 million units.

Starting today's trading session (July 26), QCG stock price continued to decrease. At 10:00 a.m. on July 26, QCG price decreased to VND6,330/share.

After Ms. Nguyen Thi Nhu Loan - General Director of Quoc Cuong Gia Lai, was prosecuted and temporarily detained on September 18 in connection with the case that occurred at the Vietnam Rubber Industry Group and its units, the situation of this enterprise has had many fluctuations.

According to the current QCG stock price, with nearly 102 million shares owned, Ms. Nguyen Thi Nhu Loan's assets have "evaporated" about 250 billion VND after 1 week. If calculated from April 2024 to now, the assets of the owner of Quoc Cuong Gia Lai have decreased by nearly 650 billion VND.

Previously, on July 22, the Board of Directors (BOD) of Quoc Cuong Gia Lai appointed Mr. Nguyen Quoc Cuong as General Director and legal representative of the company. Mr. Cuong, also known as Cuong “dollar”, is the son of Ms. Nguyen Thi Nhu Loan.

After leaving Quoc Cuong Gia Lai in 2018 to build his own career, Mr. Cuong now returns to run the company. Photo: C-Holdings.

Along with that, the Board of Directors of Quoc Cuong Gia Lai issued a resolution to add content to the agenda of the 2nd Annual General Meeting of Shareholders in 2024, scheduled to be held on July 30.

Specifically, the company's Board of Directors will submit to the congress to dismiss Ms. Nguyen Thi Nhu Loan from the position of member and nominate and elect Mr. Nguyen Quoc Cuong as a member of the company's Board of Directors for the 2022-2027 term.

Quoc Cuong Gia Lai's 2024 Annual General Meeting of Shareholders was held on June 30, but due to insufficient number of shareholders attending, the meeting could not take place. The second meeting is scheduled to be held on the morning of July 30 at the New World Hotel, District 1, Ho Chi Minh City.

Before returning to run Quoc Cuong Gia Lai, how did Cuong "dollar" do business?

After officially withdrawing from Quoc Cuong Gia Lai, from 2018 to present, Mr. Nguyen Quoc Cuong has built his own career by establishing companies and doing business in many fields.

Cuong 'dollar' replaces mother as General Director of Quoc Cuong Gia Lai

After the general meeting of shareholders dismissed Ms. Nguyen Thi Nhu Loan from the board of directors, Quoc Cuong Gia Lai Company appointed Mr. Nguyen Quoc Cuong as General Director.

Quoc Cuong Gia Lai speaks out about the prosecution of Ms. Nguyen Thi Nhu Loan

Quoc Cuong Gia Lai representative officially spoke out about the prosecution of Ms. Nguyen Thi Nhu Loan and said the incident was related to the 39-39B Ben Van Don project.

Source: https://vietnamnet.vn/co-phieu-quoc-cuong-gia-lai-giam-san-5-phien-tai-san-ba-nhu-loan-hut-300-ty-2305769.html