Trading of SPI shares has been suspended.

Spiral Galaxy's SPI shares have been suspended from trading since February 18th due to the company's repeated violations of information disclosure regulations, and it has yet to submit its corporate governance report and Q4 2024 financial report.

Spiral Galaxy's SPI shares have been suspended from trading since February 18th due to the company's repeated violations of information disclosure regulations, and it has yet to submit its corporate governance report and Q4 2024 financial report.

According to an announcement from the Hanoi Stock Exchange (HNX), shares of Spiral Galaxy Joint Stock Company (code SPI, HNX exchange) will be suspended from trading starting February 18, 2025.

This situation arose because the company repeatedly violated disclosure regulations after being placed under trading restrictions. Previously, the company had been late in submitting its 2024 corporate governance report and its Q4 2024 financial report.

HNX requires the company to explain the reasons, propose remedial measures for the suspension of trading in its securities, and disclose the information.

Regarding the securities status of SPI shares, the company has been warned because its undistributed after-tax profit as of December 31, 2023, in the audited consolidated financial statements for 2023 was negative; the listed company violated information disclosure regulations four or more times within one year.

Furthermore, SPI shares are under scrutiny because the after-tax profit for 2022 and 2023, as reported in the audited consolidated financial statements for 2023, was negative. If the company continues to maintain its loss-making status, Spiral Galaxy will have reported losses for three consecutive years and faces the possibility of delisting.

Previously, in its November 2024 report on the roadmap for resolving the issue of securities under control, the company stated that it had held meetings and agreed on a plan to divest its investments in subsidiaries and associated companies. Negotiations are underway with partners, and the company has received deposits for the share transfers. These transfer transactions are expected to generate profits for the company in 2024. Furthermore, with the capital received, the company will invest in a conglomerate operating in the tourism and tourism infrastructure sector, serving the goal of sustainable development.

SPI, formerly Spilit Stone Joint Stock Company, was established in 2009, specializing in mineral mining and processing. According to its audited semi-annual financial report for 2024, the company achieved net revenue of VND 261 million in the first half of the year, a decrease of 84% compared to the same period last year. The company reported a loss of VND 3.9 billion, while the loss in the same period last year was nearly VND 4.2 billion.

SPI stock has hit its lowest level in over 4 years.

The company stated that in the first six months of 2023, it generated revenue from Luux Interior Joint Stock Company, thanks to the completion and handover of the model house interior for the Sunbay Park project in Ninh Thuan . However, in 2024, this project temporarily suspended construction, causing Luux Interior's work to stall, and the completed parts were not yet inspected and approved, seriously impacting revenue.

On the stock market, SPI shares closed at just 1,800 VND per share. These shares are only allowed to be traded on Fridays.

Source: https://baodautu.vn/dinh-chi-giao-dich-co-phieu-spi-d247627.html