Bad luck continues, rice exporting tycoon in An Giang is sued again

An Giang Import-Export Joint Stock Company (Angimex, code: AGM) has just announced information about receiving a notice on April 17 from the People's Court of Long Xuyen City (An Giang Province) regarding the acceptance of a bond purchase contract dispute case between Mr. Nguyen Ba Nam (born in 1975, residing in Hanoi ) and Angimex Company. The case is accepted according to normal procedures.

Specifically, in 2021, AZA Investment Group Corporation - the representative unit offering Angimex's bonds - provided Mr. Nam with information about the asset-backed bonds. This information was published on the electronic information portal of the State Securities Commission and the Ho Chi Minh City Stock Exchange (HoSE).

After investigation, Mr. Nam agreed to buy Angimex bonds according to the bond purchase contract.

angimex furious 1628931048 ssrgr.jpeg — An Giang Import Export Joint Stock Company, formerly An Giang Foreign Trade Company. Photo: Angimex

During the contract implementation, Angimex and Mr. Nam encountered some problems related to bond payment obligations, so Mr. Nam asked the court to resolve them.

According to Mr. Nam's request, Angimex must repay the principal amount of 7.5 billion VND from the two contracts. In addition, Angimex is also responsible for paying the outstanding bond interest up to the maturity date, along with late payments calculated at 150% of the interest rate agreed by both parties.

The total amount that Angimex is obliged to pay Mr. Nam, tentatively calculated up to March 12, 2025, is 9.79 billion VND.

According to the 2024 financial report, Angimex recorded a record net loss of nearly VND260 billion, an increase of 3% compared to the loss of VND251 billion according to the previous self-made report. This is also the third consecutive year (2022, 2023, 2024) that this enterprise reported a loss. As of December 31, 2024, Angimex recorded an accumulated loss of up to VND426 billion, with negative equity of VND244 billion.

On the stock exchange, AGM shares are priced at VND 1,590/share (session April 18).

AGM shares hit the floor for five consecutive sessions from April 11 to 17. Angimex said that, apart from information related to the possibility of delisting and account freezing, AGM did not take any action that affected the stock trading price on the market. Price fluctuations are entirely due to supply and demand and are beyond Angimex's control.

Recently, HoSE has decided to delist AGM shares, because the company recorded losses for 3 consecutive years (2022-2024) according to the audited consolidated financial statements. By the end of 2024, the accumulated losses exceeded the actual contributed charter capital, the equity was negative - a case of mandatory delisting according to regulations.

Angimex's bank accounts were also frozen at the request of the local civil enforcement agency.

Angimex is a rice export giant in An Giang. Its main business lines are rice production, processing and trading (direct export, domestic consumption and export supply), motorbike and motorbike spare parts trading. This company used to have a revenue of thousands of billions of VND/year from exports.