Nearly 710 million shares of FLC Group, coded FLC, will be moved to the unlisted public company market (UPCoM) from February 22 after being delisted from the Ho Chi Minh City bourse on Monday.
The Vietnam Securities Depository (VSD) last Friday announced the transfer of registration and depository data of the shares from the Ho Chi Minh Stock Exchange (HoSE) to the UPCoM.
On February 14, FLC received the HoSE decision to delist its shares from February 20 for "serious violations of information disclose obligations".
Following the decision, FLC begged the regulator to reconsider its future on the HoSE, saying objective reasons and force majeure events should be taken into account.
FLC said in recent times, the group and its member units had faced many risks and difficulties due to the impact of negative information and issues arising from the detention of its former leaders. The company had also been unable to find an auditor to check its financial statements.
On September 20, 2022, the group signed a contract with UHY Auditing and Consulting Co., Ltd., for its 2021 financial statements. However, "due to many objective reasons", FLC has not received the audit results from UHY.
Also on Friday, FLC apologized to shareholders and said their interests would be guaranteed under the provisions of the Law on Enterprises and the company charter. It affirmed shareholders' interests would still be guaranteed as the firm is trying to put FLC shares on the UPCoM.
On March 29, FLC's former 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.