Nearly 710 million FLC shares of FLC Group JSC will be officially put on the unlisted public company market (UPCoM) on March 3 at the reference price of VND3,500 ($0.15) per share.
With this price, FLC’s capitalization will reach nearly VND2,485 billion ($104.74 million) on the first trading day.
On February 24, the Hanoi Stock Exchange (HNX) approved the registration of FLC Group on the UPCoM, but included it on a list suspended from trading.
It explained that the suspension of FLC shares from trading from March 3 is in line with the regulations on registration and management of securities trading of unlisted companies issued on November 16, 2022, by the Vietnam Stock Exchange's council of members.
Within 15 working days from the date of suspension, FLC Group must send a written document to the HNX explaining the cause and offering a plan to fix the situation.
Earlier on February 14, FLC received the Ho Chi Minh Stock Exchange’s (HoSE) decision to delist its nearly 710 million shares from February 20 for "serious violations of information disclosure obligations".
In a related development, FLC Group on Monday announced it had received the applications for resignation from a number of senior leaders, including Bui Hai Huyen, board member, CEO and legal representative; Dam Ngoc Bich, standing deputy CEO; and Le Thi Truc Quynh, deputy CEO.
On March 29, 2022, FLC chairman Trinh Van Quyet was arrested on charges of "market manipulation" and "concealing information regarding securities activities".
Before Quyet was arrested, FLC Group was known as one of Vietnam's leading property developers with projects and investment proposals across the country.