Investors scramble to sell Tien Bo shares after leaders are prosecuted

This morning (February 27), as soon as the stock market opened, TTB shares of Tien Bo Group Corporation, which were being traded on HOSE, were sold off to the limit of 3,560 VND. At the end of the morning session, 164,800 shares were matched, but there were still more than 1.2 million units sold at the floor price while there were no buyers.

Tien Bo Group's Board of Directors at the 2022 Annual General Meeting of Shareholders

Last weekend, Thai Nguyen Provincial Police officially informed about the case of intentionally publishing false information in securities activities at TTB Group. Accordingly, on February 21, the Investigation Police Agency of Thai Nguyen Provincial Police issued a decision to prosecute 4 defendants including Mr. Phung Tien Bo, Chairman of the Board of Directors; Mr. Phung Van Thai, General Director; a deputy director and an employee working at TTB Group.

The financial report for the fourth quarter of 2022 shows that for the whole year, Tien Bo Group had revenue of VND 1,409.4 billion, an increase of 4% compared to 2021. The company's after-tax profit in 2022 reached more than VND 4.45 billion, double that of 2021.

TTB shares have been listed and traded on the stock exchange since the beginning of 2015. The highest price this stock has ever reached was over 25,000 VND in mid-2019.

Tien Bo Group was established in 1998 as a private enterprise, with main business lines being construction, iron, steel, mechanics, real estate, aquaculture...

On the morning of February 27, the stock market was also falling sharply when the VN-Index temporarily closed the session down 19.86 points to 1,019.68 points; the HNX-Index fell 3.76 points to 203.56 points. The number of stocks decreasing in price is overwhelming.

Of which, all 30 large-cap stocks in the VN30-Index basket were sold heavily such as MSN, MWG, VHM, VIC, VCB, HPG, HDB... Similarly, the securities industry group was in red such as VND, VCI, MBS decreased by more than 2%, SSI, VIX, FTS decreased by more than 1%, HCM, VTS decreased by more than 3%...

Source: https://thanhnien.vn/nha-dau-tu-tranh-ban-co-phieu-tien-bo-sau-khi-lanh-dao-bi-khoi-to-18523022710110879.htm