TKC shares are being considered for mandatory delisting by HNX
Recently, the Hanoi Stock Exchange (HNX) announced that the stock code TKC of Tan Ky Construction and Real Estate Trading JSC is likely to be subject to mandatory delisting.
The reason is that the company has seriously violated its information disclosure obligations and failed to fulfill its financial obligations to the Stock Exchange.
Previously, in early October, HNX also announced the maintenance of the control status and suspension of trading for TKC shares.
Tan Ky Real Estate (TKC)'s losses skyrocketed to VND684 billion in 2022, shares are being considered for mandatory delisting (Photo TL)
The reason is that TKC has negative equity recorded in the most recent financial statements; late submission of the audited 2023 semi-annual financial statements by more than 45 days compared to regulations; late submission of the audited 2022 financial statements by more than 6 months compared to the prescribed time; late submission of the 2nd Quarter 2023 financial statements and the 2023 semi-annual corporate governance report.
In addition, TKC code is also being warned because this enterprise violated information disclosure regulations 4 times or more in 1 year and TKC has not held the 2023 annual General Meeting of Shareholders more than 6 months from the end of the fiscal year.
Tan Ky Real Estate Chairman sold all shares before suspension
A notable point is that right before TKC shares were suspended from trading from September 25, 2023 due to repeated violations of information disclosure regulations, the Chairman of the Board of Directors managed to sell all of his shares.
Specifically, Chairman of the Board of Directors, Mr. Le Dai Nghia, registered to sell 782,000 of his shares, equivalent to 5.21% of charter capital. The transaction period took place from September 19, 2023 to October 12, 2023 by negotiation and order matching. It is estimated that Mr. Nghia earned more than 1 billion VND after the transaction.
Regarding business situation, according to the Q4/2023 financial statements, TKC recorded negative revenue of 1.2 billion VND while in the same period in 2021 it was still positive at 32.2 billion. Cost of goods sold recorded up to 357.4 billion VND, 12.4 times higher than the same period.
Meanwhile, financial expenses increased fourfold, accounting for VND14 billion. Business management expenses increased to VND265.9 billion while in the same period only reached VND2.3 billion. The company also did not record sales expenses in the period. As a result, TKC lost VND638.9 billion after tax while last year still recorded a profit of more than VND150 million.
At the end of 2022, TKC recorded assets of nearly VND 1,249 billion, down 18% compared to the beginning of the year. Of which, cash and cash equivalents decreased to nearly VND 60 billion. Inventories decreased by 93.5% to VND 24.2 billion. Liabilities were only recorded at VND 1,719 billion while the company's equity was negative VND 469.5 billion.
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