The Hanoi Stock Exchange (HNX) recently announced that it would maintain the trading restriction on HVG shares of Hung Vuong Joint Stock Company because the company violated the regulation of not holding an annual general meeting of shareholders for 2 consecutive years. In addition, the company was late in submitting its audited semi-annual financial statements for 2022 and 2023.
HVG shares are suspended from trading on UpCom, currently at 1,400 VND/share Source: Fireant
In the past, Hung Vuong was known as the "king of pangasius", owning 7 factories qualified to export to 27 EU countries and constantly expanding export markets to the US, Eastern Europe, China...
With the ambition of billion-dollar revenue, Hung Vuong continuously acquires shares of many large food and seafood companies in Vietnam and expands into real estate, expanding distribution channels to foreign countries.
However, since 2015, Hung Vuong Company's ambition has gradually faded as revenue and profits have increasingly declined and led to heavy losses.
In the 2019 Financial Report, the company of "catfish king" Duong Ngoc Minh accumulated losses of more than 1,700 billion VND. In early August 2020, HVG shares were forced to delist from HoSE due to serious violations of information disclosure obligations and switched to trading on UpCoM.
In early 2020, investors expected the business to be "rescued" when Hung Vuong and the Agricultural Production, Processing and Distribution Company (Thadi - a subsidiary of Truong Hai Thaco Group) signed a strategic cooperation agreement.
However, this rescue operation only lasted until July 2021 when Tran Oanh Production and Trading Company Limited and Chairman of the Board of Directors, Mr. Tran Ba Duong, simultaneously sold more than 19.8 million HVG shares.
By December 2023, Hung Vuong's HVG shares were officially suspended from trading on UPCoM because the company had not published audited financial statements for 3 consecutive fiscal years or more.
In early 2024, Hung Vuong Joint Stock Company announced a proposal to seek shareholders' opinions on divesting capital contributions from member companies. The purpose is to mobilize capital to pay and thoroughly handle the company's loans.
In the financial report for the first quarter of 2020, Hung Vuong's payable debt as of December 31, 2019 was at VND 7,134 billion.
Source: https://nld.com.vn/vua-ca-tra-hung-vuong-tai-xuat-196240823102339784.htm
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