FLC Group Joint Stock Company ( FLC ) has just sent a document to the Hanoi Stock Exchange (HNX), the State Securities Commission and the Ho Chi Minh City Stock Exchange (HoSE) informing about the roadmap to overcome information disclosure violations so that FLC shares can be traded again on the UPCoM market.
In the document, FLC said that the company had signed a contract with UHY Auditing and Consulting Company Limited to audit the 2021 financial statements, but due to many objective reasons, especially arising issues that are not under the authority of the current management board, and must seek the opinion of the general meeting of shareholders, so up to now, the company has not been able to issue the audited financial statements for 2021.
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On March 4, the extraordinary general meeting of shareholders of FLC Group was officially held with many important issues related to the financial statements of the last 2 years. Currently, the company's board of directors is working with the auditor of the 2021 financial statements and reaching an agreement on the method, time and procedures for resolving issues affecting the release of the report.
According to the plan worked out with the auditing company, FLC will release the audited financial statements for 2021 as soon as possible before April 30. After that, the company will complete and publish the 2021 annual report within 20 days. Along with that, FLC's Board of Directors will convene the 2022 annual shareholders' meeting in June.
At the 2022 annual meeting, the Board of Directors will submit to shareholders for approval of the 2022 financial statements by the auditor. On that basis, the group will work with the auditor to conduct the audit of the 2022 semi-annual financial statements, and will finally complete and issue the 2022 semi-annual audit report, expected at the end of October 2023. Thus, it will take 7 months for the work related to the 2022 audit report to be completed (provided that everything goes smoothly).
"FLC continues to request HNX to create favorable conditions to support the company to have more time to overcome the problems according to the roadmap, and at the same time consider allowing 710 million FLC shares to be traded normally on the UpCOM floor as soon as possible" - the company's document stated.
Previously, more than 710 million FLC shares were delisted by HoSE for reasons related to the delay in submitting audit reports for the years 2021 and 2022. Especially after Mr. Trinh Van Quyet, former Chairman of the Board of Directors of FLC and a number of FLC leaders were detained and investigated for stock manipulation, all of FLC's activities were disrupted.
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