Two more 'FLC family' stocks were delisted

The Ho Chi Minh City Stock Exchange has just issued an official dispatch on the compulsory delisting of AMD shares of FLC Stone Investment and Minerals JSC and GAB shares of FLC Mining Investment and Asset Management JSC. These are two stocks belonging to the “FLC family”.

Currently, AMD and GAB are among the securities whose trading is suspended due to the delay in submitting the 2022 semi-annual financial report by more than 6 months compared to the regulation. At the same time, these stocks are also under control due to the delay in submitting the 2022 audited financial report by more than 30 days compared to the prescribed deadline.

Up to now, AMD and GAB have not yet resolved the reasons for putting their securities under suspension and control.

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

Other stocks belonging to the “FLC family” are ART of BOS Securities JSC and KLF of CFS Investment, Trade and Import-Export JSC which are not allowed to be traded on the stock market.

Recently, GAB decided to finalize the shareholder list on June 27 to hold the extraordinary shareholders' meeting in 2023. However, up to now, the Company has not yet made a specific announcement about the time and location of the meeting.

GAB is a stock of the "FLC group" related to former Chairman of FLC Group Trinh Van Quyet.

This is one of many businesses that have fallen into a deadlock, with shares not trading or liquidity dropping, and prices plummeting after Mr. Trinh Van Quyet was arrested for stock market manipulation in March 2022.

The most recent transaction was 300 GAB shares transferred on March 25, 2022. And from the beginning of 2022 until then, each GAB session mostly recorded only a few hundred shares transferred, with most sessions only a few thousand units.

This stock has been under control since May 15.

In 2020, GAB set an unprecedented record in the stock market, winning all 3 floors 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 was 196,800 VND/share.

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

Meanwhile, at FLC Stone (AMD), on June 30, Mr. Nguyen Cong Tuan will resign from his position as Deputy General Director after about 6 months of being appointed. On May 31, 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 has also been on warning since May 15 and its price has dropped to only VND1,110/share. More than 163 million AMD shares of FLC Stone Investment and Minerals JSC, a member of the “FLC family”, have been suspended from trading since March 1.

Previously, on February 14, HOSE announced its decision to delist nearly 710 million FLC shares of FLC Group Joint Stock Company from February 20 because this enterprise "seriously violated its information disclosure obligations".

FLC is a real estate company that was once famous in the stock market, with the number of shareholders currently around 65 thousand people. This is also the core company in the FLC group.

On September 5, 2022, HOSE also decided to delist nearly 568 million ROS shares of FLC Faros Construction JSC because FLC Faros seriously violated its information disclosure obligations and other cases that the Stock Exchange or the State Securities Commission deems necessary to delist to protect investors' rights.

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