The arrest of Mr. Do Thanh Nhan, Chairman of Louis Holding, on charges of stock manipulation in 2022 has caused the stock prices of companies belonging to the "Louis family" to plummet. Notably, Louis Capital (TGG), the company had to change its name to The Golden Group JSC at the end of March.
Angimex (AGM) and The Golden Group (TGG) were transferred from warning status to control status by HoSE from May 12, 2023 (Photo TL)
Although the name has been changed, it seems that "bad luck" is still following Louis Capital when the shares of this company, along with An Giang Import Export JSC - Angimex, have just been transferred from warning status to control status by HoSE.
Specifically, the two stock codes TGG and AGM were announced by HoSE to be transferred from warning status to control status from May 12, 2023 because both companies were late in submitting their 2022 audited financial statements by more than 30 days compared to regulations.
Both companies have not yet announced their audited financial statements, but their financial statements show losses of tens, even hundreds of billions of VND in 2022 alone.
For example, Angimex - An Giang Import Export, in 2022, recorded net revenue of VND 3,454.3 billion. Gross profit reached VND 184.7 billion but profit after tax was negative VND 139.3 billion. In AGM's capital structure, payables account for an extremely high proportion, up to VND 1,265.7 billion, equivalent to 76.6% of total capital.
The loss in 2022 of The Golden Group, the company that just changed its name from Louis Capital, was also huge. In 2022, the company recorded revenue of VND576.6 billion and a loss of VND37 billion. TGG's equity dropped sharply from VND420.6 billion to only VND367 billion.
In the morning trading session on May 8, 2023, TGG shares were only traded at VND 3,520/share and AGM code was only traded at VND 5,330/share.
Source
Comment (0)