A large garment brand in Ho Chi Minh City held a meeting to discuss dissolution, stock price suddenly hit ceiling

Thang Loi International Garment Joint Stock Company is about to hold an extraordinary general meeting of shareholders to discuss the time of dissolution and submit for approval a policy to support employees when the business ceases operations.

Thang Loi International Garment Joint Stock Company plans to support employees with up to 1.5 months' salary, seniority allowance and souvenirs.

Thang Loi International Garment Joint Stock Company (TLI) has just announced the schedule for the extraordinary general meeting of shareholders to be held on September 4 in Ho Chi Minh City.

At this meeting, the company's board of directors plans to present to shareholders the content of the time to carry out the dissolution of the enterprise.

Due to the need for time to terminate operations at the head office and branches to carry out dissolution procedures in accordance with the correct procedures, the Board of Directors has submitted to the General Meeting of Shareholders a minimum time to complete dissolution procedures of 12 months from the time of approval of the policy.

In addition, the congress will also elect a liquidation committee and seek shareholders' opinions on policies to support employees when the business ceases operations.

Specifically, according to the proposal, the Liquidation Board will increase from 3 to 5 members, including personnel appointed by the general meeting of shareholders and members from the independent auditing company appointed by the board of directors .

Regarding the content of supporting employees, Thang Loi International Garment Joint Stock Company proposed 3 levels, from 1 to 1.2 and 1.5 months of salary, with seniority allowance and souvenirs (closing the list of present time is June 30, 2025).

Notably, the plan to dissolve the company has been rejected many times at previous congresses. In 2024, only 20.5% of shareholders supported it, nearly 70% opposed it. By 2025, the approval rate had increased dramatically to 96.78%.

Along with the dissolution resolution, the shareholders' meeting also agreed to cancel securities registration and cancel stock trading on UPCoM.

The Board of Directors and the Supervisory Board for the 2024 - 2028 term will continue to remain in place until the dissolution process is completed, which is expected to take at least 12 months.

According to the annual report, Thang Loi International Garment Joint Stock Company was established in 2007 in Ho Chi Minh City.

This unit was once considered a large textile and garment enterprise in Ho Chi Minh City, with a capacity of more than 4 million products/year including blankets, pillows, jackets, shirts and export goods. Before COVID-19 (from 2012 - 2019), Thang Loi International Garment 's annual revenue was regularly more than 100 billion VND.

However, in the period from 2020 to 2024, revenue will decrease to several tens of billions of VND.

Shares of companies about to dissolve hit the ceiling again

By the end of 2024, the company's workforce will be only 136 people, down 81 people compared to 2023 but down hundreds of people compared to when business was good.

The report also showed that Thang Loi International Garment had accumulated losses of more than 12 billion VND, marking a long period of decline before deciding to dissolve.

Notably, after a series of downward trends, TLI shares of Thang Loi International Garment suddenly increased to the ceiling price today, August 28.

BINH KHANH

Source: https://tuoitre.vn/mot-thuong-hieu-may-mac-lon-o-tp-hcm-hop-ban-giai-the-co-phieu-bat-ngo-kich-tran-20250828164231504.htm