Two more FLC-related stocks delisted.

VietNamNet•27/06/2023

The Ho Chi Minh City Stock Exchange has issued a document regarding the mandatory delisting of AMD shares of FLC Stone Investment and Mining Joint Stock Company and GAB shares of FLC Investment, Mining and Asset Management Joint Stock Company. These are two stocks belonging to the "FLC group".

Currently, AMD and GAB are suspended from trading due to the failure to submit their 2022 semi-annual financial reports by more than six months as required. Simultaneously, these stocks are also under supervision due to the failure to submit their audited 2022 financial reports by more than 30 days as required.

To date, neither AMD nor GAB have resolved the issues that led to their securities being placed under trading suspension and control.

Previously, HOSE had decided to compulsorily delist members of the "FLC group," namely FLC of FLC Group Joint Stock Company, ROS of FLC Faros Construction Joint Stock Company, and HAI of HAI Agricultural Pharmaceutical Joint Stock Company.

Other stocks belonging to the "FLC group," namely ART of BOS Securities Joint Stock Company and KLF of CFS Investment, Trading and Import-Export Joint Stock Company, are not permitted to be traded on the stock market.

Recently, GAB decided that June 27th would be the date for finalizing the shareholder list to hold the 2023 extraordinary general meeting. However, to date, the company has not yet announced a specific date and location for the meeting.

GAB is a stock belonging to the "FLC group," which is linked to former FLC Group Chairman Trinh Van Quyet.

This is one of many businesses that have been left in a state of stagnation, with their shares not trading or liquidity plummeting, and prices falling dramatically after Trinh Van Quyet was arrested for stock market manipulation in March 2022.

The most recent transaction was the transfer of 300 GAB shares on March 25, 2022. From the beginning of 2022 until then, each trading session for GAB mostly recorded only a few hundred shares being transferred, with even the busiest sessions seeing only a few thousand units.

This stock has been under control since May 15th.

In 2020, GAB set an unprecedented record on the stock market, topping all three exchanges with a price increase of over 1,100%. The price at the beginning of 2020 was 16,250 VND/share, but by the end of the year it had reached 196,800 VND/share.

In the first quarter of 2023, GAB recorded a revenue decrease of nearly 93% to 4.7 billion VND and a loss of 2.45 billion VND.

Meanwhile, at FLC Stone (AMD), on June 30th, Mr. Nguyen Cong Tuan will resign from his position as Deputy General Director after approximately six months in office. On May 31st, FLC Stone accepted Mr. Nguyen Duc Cong's resignation from the position of Chairman of the Board of Directors. Ms. Tran Thi Huong will replace Mr. Cong.

AMD was also placed on the warning list from May 15th, and its price dropped to only 1,110 VND/share. More than 163 million AMD shares of FLC Stone Investment and Mining Joint Stock Company, part of the "FLC group," were suspended from trading from March 1st.

Previously, on February 14th, HOSE announced its decision to delist nearly 710 million FLC shares of FLC Group Joint Stock Company from February 20th due to the company's "serious violation of information disclosure obligations".

FLC is a real estate company that was once well-known on the stock market, with approximately 65,000 shareholders. It is also a core company within the FLC group.

On September 5, 2022, HOSE also decided to delist nearly 568 million ROS shares of FLC Faros Construction Joint Stock Company due to FLC Faros's serious violations of information disclosure obligations and other cases that the Stock Exchange or the State Securities Commission deemed necessary to delist in order to protect the rights of investors.

Billionaire Phuong Thao's VietJet reports losses for the first time, Vietnam Airlines faces delisting risk . Both Vietnam Airlines and VietJet faced significant difficulties in 2022 due to heavy financial burdens from high interest rates and fluctuating exchange rates. Vietnam Airlines is at risk of delisting, while VietJet, owned by billionaire Phuong Thao, continues to incur losses.

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