About to be delisted
The Hanoi Stock Exchange (HNX) has just announced information that CTX shares of Vietnam Construction Investment and Trading Joint Stock Corporation (CTX Holdings) are likely to be delisted.
CTX Holdings is a company established in 1982 by the decision of the Ministry of Construction with the abbreviated name Constrexim. In 2006, the Ministry of Construction decided to equitize the company and list its shares in 2012.
CTX Holdings has a capital scale of over 789 billion VND, currently led by Mr. Phan Minh Tuan (1973) as Chairman of the Board of Directors (BOD) and General Director. Mr. Tuan has been the General Director since Constrexim until now.
According to the Hanoi Stock Exchange, CTX Holdings' CTX shares are likely to be subject to mandatory delisting due to "the listing organization's serious violation of information disclosure obligations" and "the shares have not been traded on the Stock Exchange within 12 months".
HNX requested CTX Holdings to respond in writing on the above issue within 5 days from November 8.
Previously, on October 28, the Hanoi Stock Exchange put CTX shares under restricted trading, only allowed to trade on Friday because the semi-annual audited financial report was 45 days late compared to regulations.
On the stock exchange, CTX shares have not been traded since August 8, 2022. Throughout 2022, CTX traded erratically, with no transactions on most days. In 2021, CTX traded more consistently but in small quantities, from a few thousand to a few tens of thousands of units per session.
Another noteworthy thing about this company is that Mr. Phan Minh Tuan, Chairman of CTX Holdings, also holds the position of General Director. According to the regulations of the Securities Commission, a listed company's leaders are not allowed to hold both positions at the same time. In early 2021, Mr. Tuan was fined 60 million VND for the above violation, but there is still no way to fix it.
In early 2023, a series of shareholders and insiders of this company registered to sell a large amount of CTX shares but failed.
Owner of many 5-star hotels and prime land projects
In 2013, Constrexim changed its name to CTX Holdings, with main business lines being civil and industrial construction, real estate business, processing, hotel services...
CTX Holdings is known as the owner of many large hotels and apartment projects in prime locations such as: 5-star Pao's Sapa Leisure Hotel in Sapa town; Champa Legend Nha Trang hotel; "golden land" project CTX Complex A1 in Cau Giay, Hanoi; Quang Nam marine ecological area; PentStudio Tay Ho serviced apartment project in Hanoi.
CTX Holdings has a charter capital of VND789 billion and total assets of over VND2,200 billion. The largest shareholder is Ms. Nguyen Thi Kim Xuan, currently holding 24.5% of CTX Holdings' charter capital. Thang Long Fundings JSC holds more than 23%; Mr. Ly Quoc Hung holds more than 7.6%; Ms. Chu Thi Hong Hanh holds 6.4%.
Chairman Phan Minh Tuan holds nearly 2.2% of CTX shares.
CTX Holdings is known as a real estate giant but recently its revenue comes mainly from the service and hotel sectors.
The revenue and profit of this enterprise are also quite erratic. Some years the revenue is thousands of billions of VND and the profit is hundreds of billions of VND, but other years the revenue is only a few hundred billion and the profit is only a few billion VND.
In the first 9 months of 2023, CTX Holdings recorded improved revenue and profit compared to the previous year, reaching 210 billion VND in revenue and more than 29 billion VND in profit.
In assets, unfinished assets account for a large proportion with nearly 890 billion VND.
CTX Holdings has a delayed project, Constrexim Complex in Cau Giay, which was granted an investment certificate in 2012 but is currently abandoned.
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