The Ho Chi Minh City Stock Exchange (HoSE) has just announced the decision to delist 126.1 million PSH shares of Nam Song Hau Petroleum Investment and Trading Joint Stock Company. The reason is that the enterprise seriously violated its information disclosure obligations.

Delisting date is effective from June 25.

Previously, HoSE announced the last trading day as March 11 because PSH shares were suspended from trading since March 12.

This enterprise is in violation because it has not submitted its semi-annual and audited financial statements for 2024, even though it has passed the prescribed deadline.

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PSH shares have low value on the stock exchange.

According to the explanation, PSH plans to terminate the contract with UHY Auditing and Consulting Company Limited, the auditor signed on August 5, 2024, and is seeking the opinion of the General Meeting of Shareholders to find a replacement auditor. However, to date, the audited semi-annual financial report for 2024 has not been released.

In addition, the company is being forced to pay invoices due to tax debt, with an amount of up to nearly 1,140 billion VND at the Hau Giang Provincial Tax Department and nearly 93 billion VND at the Can Tho City Tax Department.

In the market, PSH shares have a low value. In the last trading session on March 11, PSH code stopped at 1,770 VND/share.

Regarding production and business results in 2024, PSH's total net revenue reached VND678 billion, down 88.9% over the same period last year. The company reported a loss after tax of nearly VND790 billion, while last year it still recorded a profit of VND47 billion.

Nam Song Hau Petroleum Investment and Trading Joint Stock Company was established on February 14, 2012, and is one of the largest petroleum distributors in the Southwest region. Mr. Mai Van Huy is currently the Chairman of the Board of Directors.

According to the website, the company currently owns 67 stores and 550 agents in the Mekong Delta region, along with a system of 9 warehouses and wharves with a total capacity of more than 500,000m3.

Source: https://vietnamnet.vn/dai-gia-xang-dau-mien-tay-chua-het-van-den-lo-nang-va-no-thue-nghin-ty-2413187.html