Shareholders vote against contractor Ricons's HCMC bourse listing plan

Nearly 70% of shareholders attending the recent AGM of Vietnamese contractor Ricons voted against the company’s plan to list its shares on the Ho Chi Minh Stock Exchange (HoSE), despite the proposal having been delayed over the past two years.

According to the resolution published by Ricons following the Saturday meeting, the board of directors could not pass the proposal to terminate the listing delay and adjustment as it received support from only about 14.5% of the total voting shares, while over 69.6% voted against and nearly 15.9% abstained.

Back to the 2020 AGM, the company approved a plan to list shares on the stock exchange. At the 2023 meeting, the board sought approval to amend the company’s charter in accordance with the 2020 Enterprise Law and the 2019 Securities Law to ensure compliance with listing and registration requirements. However, this motion was also rejected by the shareholders.

The 2023 meeting also approved a resolution to postpone the listing plan, based on a proposal from a group of shareholders holding more than 10% of the charter capital. The duration of the delay was left unspecified, merely noting it would be “until the market becomes favorable.”

In the 2025 AGM documents, the board stated that it was currently unable to clearly assess what constitutes a “favorable market” due to economic and market volatility. Nevertheless, they expressed interest in reviving the listing plan, citing changes in the legal framework.

Under current law, if a company does not register its shares with the Vietnam Securities Depository and Clearing Corporation (VSD) or list/trade them on an exchange within one year of receiving approval from the State Securities Commission (SSC) or completing a public offering, it may lose its status as a public company.

According to the board's plan, Ricons intends to list its shares on the HoSE as RTD. The company plans to register its shares with the VSD within this year and proceed with the listing once regulatory conditions are met.

Founded in 2004 under the leadership of Nguyen Ba Duong, Ricons is a prominent general contractor in construction, MEP (mechanical, electrical, plumbing) services, design, execution, and investment.

Before major builder Coteccons (CTD) came under the control of foreign shareholders Kusto Group, Ricons was part of Duong’s business ecosystem and often partnered with CTD on major projects.

After parting ways with Coteccons in 2020, Duong and his associates focused on managing Ricons along with other affiliated brands like Newtecons, BM Windows, Sol E&C, and Boho.

Currently, Ricons is classified as an OTC (over-the-counter) stock - meaning it is not officially listed but still traded through informal networks such as issuing companies, banks, or securities firms. The company maintains timely and regular information disclosure.

Last year, Ricons reported revenue of nearly VND8.01 trillion ($306 million), up nearly 6% from 2023. Thanks to effective cost and capital management, its post-tax profit surged by over 92% year-on-year to VND158.8 billion ($6.07 million) - the highest level since 2021.

For this year, Ricons has set a consolidated revenue target of around VND8 trillion, slightly down from 2024. However, the parent company's post-tax profit is projected to increase by nearly 26% to VND200 billion ($7.64 million).

Currently, Ricons is engaged in two major infrastructure projects: Terminal T3 of Tan Son Nhat International Airport in Ho Chi Minh City and the Long Thanh International Airport in the southern province of Dong Nai.

Going forward, its leadership aims to expand further into the infrastructure segment, alongside its traditional strengths in residential and industrial construction.