Bamboo Capital CEO apologizes to shareholders for delisting

Bamboo Capital CEO has apologized to shareholders after the Ho Chi Minh City Stock Exchange (HoSE) ordered the conglomerate’s shares delisted from following nearly a year of trading suspension.

HoSE said more than 800 million shares of Bamboo Capital (BCG) would be delisted from July 15 since the company failed to submit audited financial statements for three consecutive years.

The decision comes after BCG shares had been suspended from trading for almost a year. The stock’s last matched price was VND2,500 (95 U.S. cent) per share, down sharply from record VND22,000 ($0.84) reached four years ago and leaving the company with a market capitalization of around VND2.2 trillion ($83.77 million).

In a letter to shareholders last Friday, CEO Ng Wee Siong Leonard acknowledged the seriousness of the delisting and apologized to investors.

“We understand that shareholders’ main concern at this time is not only why this happened but also what will happen to their shares after the delisting decision,” Leonard wrote.

He stressed that the delisting does not mean the company will cease operations, saying Bamboo Capital and its subsidiaries continue to operate in accordance with Vietnamese law and that shareholders’ ownership rights remain legally protected.

Leonard attributed the delay in financial disclosures to several challenges, including turnover among senior executives and finance personnel, which created a large volume of documents requiring verification and extended the handover process.

He also said many documents had been used for investigations related to a criminal case involving the company, preventing both management and auditors from accessing them fully for a period of time.

In addition, Bamboo Capital is undergoing a major restructuring process focused on resolving bond obligations and restructuring debt, requiring more extensive and rigorous reviews by its independent auditor, he noted.

The company only secured an auditor for its 2024 financial statements in December 2025, but the audit has yet to be completed.

Leonard affirmed that the company’s top priorities are to address shortcomings in information disclosure, stabilize business operations, strengthen its financial position, and protect shareholder interests.

Founded in 2011, Bamboo Capital operates across renewable energy, real estate, construction and infrastructure investment, manufacturing and trading, and financial services.

In March 2025, Vietnamese authorities launched legal proceedings against Nguyen Ho Nam, the company’s founder and former long-serving chairman, triggering a sharp decline in BCG shares and eventually leading to the trading suspension.

Bamboo Capital has yet to release audited financial statements for the past two years. In documents prepared for an extraordinary AGM late last year, management estimated that the group posted a consolidated loss at VND8.4 trillion ($319.84 million) in 2024, equivalent to around 20% of total assets.

The company projected a net loss of VND1.84 trillion ($70.17 million) in 2025, followed by losses of VND300 billion ($11.42 million) and VND76 billion ($2.89 million) in the subsequent two years, before returning to profitability in 2028.

Management said its restructuring plan through 2030 will be divided into two phases. The first phase, spanning 2025-2027, will focus on maintaining stable operations, reducing debt pressure, cutting costs, streamlining the organization, and resolving outstanding bond-related issues and overdue financial statements.

In the second phase, Bamboo Capital plans to concentrate on businesses with stronger long-term potential, including renewable energy, financial insurance, and manufacturing.