Vietnam bourse to delist stocks of Hoa Binh Construction, HAGL Agrico on Sept 6

By Quang Minh
Sat, August 10, 2024 | 3:29 pm GMT+7

The Ho Chi Minh Stock Exchange (HoSE), Vietnam’s main bourse, has announced its decisions to delist the stocks of Hoa Binh Construction Group JSC and Hoang Anh Gia Lai Agricultural JSC on September 6 due to their poor business performance.

The 347.21 million HBC shares of Hoa Binh Construction Group JSC and 1.11 billion HNG shares of Hoang Anh Gia Lai Agricultural JSC, aka HAGL Agrico, both will have September 5 as their last trading day on the HoSE.

Hoa Binh Construction is the main contractor of constructions across Vietnam. Photo courtesy of Thoi Bao Tai Chinh Viet Nam (Vietnam Financial Times) newspaper.

Hoa Binh Construction is the main contractor of constructions across Vietnam. Photo courtesy of Thoi Bao Tai Chinh Viet Nam (Vietnam Financial Times) newspaper.

According to the HoSE, Hoa Binh Construction Group JSC’s cumulative loss exceeded its paid charter capital, as reported in its 2023 audited financial statement. The delisting is in accordance with Article 120, Decree 155/2020/ND-CP dated December 31, 2020.

As of December 31, 2023, the company had a cumulative loss of VND3,240 billion ($129 million), surpassing its charter capital of VND2,741 billion, according to its 2023 audited financial statement

In the case of HAGL Agrico, its listing will be revoked because the company reported losses in three consecutive years, from 2021 to 2023, the bourse said, citing Article 120, Decree 155/2020/ND-CP dated December 31, 2020.

In response to the HoSE’s notice on the delisting, Hoa Binh Construction argued that there were no legal documents guiding the interpretation of its delisting case based on the audited consolidated or separate financial statements.

The company explained that its cumulative loss was VND2,401 billion ($95.64 million) per its 2023 separate financial statement, which is lower than its charter capital of VND2,741 billion.

In an announcement last month, Hoa Binh Construction said it will move its shares on the Unlisted Public Companies Market (UPCoM), operated by the Hanoi Stock Exchange, in August to ensure shareholders' rights.

Meanwhile, at the company’s 2024 AGM in May, chairman of HAGL Agrico Tran Ba Duong committed to maintaining information disclosure as they had done with HoSE in case of delisting and moving to the UPCoM. Duong added that the firm intends to return to the HoSE when the requirements are met.

At the close on Friday, the stock of HBC slid 0.6% to VND4,970 ($0.2) per share, while that of HNG fell 2.86% to VND4,080 per share.

Comments (0)
  • Read More
New Vietnam-China int'l road transport route opens

New Vietnam-China int'l road transport route opens

Convoys carrying electronic components, fresh vegetables, and daily necessities departed simultaneously from Nanning in south China's Guangxi Zhuang Autonomous Region and Kunming in southwest China's Yunnan province on Wednesday morning, heading for Hanoi, the capital of Vietnam.

Southeast Asia - Thu, May 15, 2025 | 10:34 pm GMT+7

Indonesia’s rice reserve set to hit record 4 mln tons

Indonesia’s rice reserve set to hit record 4 mln tons

Indonesia’s rice reserves are on track to surpass 4 million tons, setting an all-time high after reaching a new record of 3.7 million tons in mid-May.

Southeast Asia - Thu, May 15, 2025 | 10:24 pm GMT+7

China's giant Huadian Group eyes enlarging renewable energy portfolio in Vietnam

China's giant Huadian Group eyes enlarging renewable energy portfolio in Vietnam

Huadian Group, a wholly state-owned company of China, is keen to further invest in Vietnam’s renewable energy sector.

Energy - Thu, May 15, 2025 | 9:40 pm GMT+7

Vietnam’s macroeconomic indicators 'broadly positive': Dragon Capital

Vietnam’s macroeconomic indicators 'broadly positive': Dragon Capital

Vietnam's macroeconomic indicators remained broadly positive, with both trade and FDI attraction performing well in the first four months of the year, write Dragon Capital analysts.

Economy - Thu, May 15, 2025 | 5:47 pm GMT+7

'How many new jobs created’ should be new KPI for local governments: VCCI leader

'How many new jobs created’ should be new KPI for local governments: VCCI leader

With a shift in thinking about the role of the private sector, local governments may soon prioritize creation of new jobs and businesses over traditional growth metrics, according to Dau Anh Tuan, deputy secretary-general of the Vietnam Chamber of Commerce and Industry (VCCI).

Economy - Thu, May 15, 2025 | 5:23 pm GMT+7

Herbalife’s Vietnam earnings hit $75.4 mln in Q1, exceed China tally

Herbalife’s Vietnam earnings hit $75.4 mln in Q1, exceed China tally

Herbalife, a global multi-level marketing corporation selling dietary supplements, recorded $75.4 million in net sales in Vietnam in the first quarter of 2025, according to the firm’s report.

Companies - Thu, May 15, 2025 | 5:01 pm GMT+7

Japan’s Nitto Denko to quadruple northern Vietnam plant's production capacity

Japan’s Nitto Denko to quadruple northern Vietnam plant's production capacity

Nitto Vietnam, a subsidiary of Japan’s multi-sector corporation Nitto Denko, has decided to raise the investment in its Hung Yen province-based plant by $28 million to $160 million.

Investing - Thu, May 15, 2025 | 3:58 pm GMT+7

UAE Embassy, VAFIE to jointly strengthen Vietnam-UAE business connections

UAE Embassy, VAFIE to jointly strengthen Vietnam-UAE business connections

The Embassy of the United Arab Emirates (UAE) in Hanoi and the Vietnam's Association of Foreign Invested Enterprises (VAFIE) on Wednesday agreed to jointly deploy specific measures to lift trade and investment ties between the two countries.

Companies - Thu, May 15, 2025 | 2:37 pm GMT+7

Turbulent times of Vietnam's food giant Kido

Turbulent times of Vietnam's food giant Kido

Profits of Kido Group, a leading food company in Vietnam, have been lower than its leaders' expectations in the past few years, with its real estate investment and divestment from Kido Foods not being smooth sailing.

Companies - Thu, May 15, 2025 | 2:27 pm GMT+7

Impact of US tariffs on Vietnam’s textile, clothing and footwear sector

Impact of US tariffs on Vietnam’s textile, clothing and footwear sector

The adjustments in the U.S. tariffs are poised to reshape Vietnam’s textile, clothing and footwear industry, prompting businesses to reassess their strategies and operations, write Assoc. Prof. Rajkishore Nayak and Corinna Joyce from the Fashion Enterprise program at RMIT University Vietnam.

Consulting - Thu, May 15, 2025 | 8:17 am GMT+7

Malaysia-EU FTA expected to promote ASEAN-EU ties

Malaysia-EU FTA expected to promote ASEAN-EU ties

The EU is placing high expectations on the Free Trade Agreement (FTA) with Malaysia as a central pillar in its strategy to strengthen relations with the Association of Southeast Asian Nations (ASEAN) amid escalating global uncertainties.

Southeast Asia - Wed, May 14, 2025 | 10:17 pm GMT+7

Malaysia works hard to expand semiconductor ecosystem

Malaysia works hard to expand semiconductor ecosystem

Malaysia needs to broaden its manufacturing ecosystem beyond assembly lines and semiconductors to fully capitalize on foreign investments, towards becoming a more complete manufacturing hub.

Southeast Asia - Wed, May 14, 2025 | 10:14 pm GMT+7

Vietnam's Phu Quoc airport to undergo major upgrade ahead of APEC 2027

Vietnam's Phu Quoc airport to undergo major upgrade ahead of APEC 2027

Phu Quoc International Airport in the southern province of Kien Giang will be expanded and upgraded to support local economic development, while ensuring transport infrastructure for hosting the 2027 APEC Economic Leaders' Week.

Travel - Wed, May 14, 2025 | 9:57 pm GMT+7

Banks cut staff, transaction branches amid accelerating digital transformation

Banks cut staff, transaction branches amid accelerating digital transformation

A series of banks have announced plans to cut staff and transaction offices, setting off a wave of job losses in the banking industry that has been considered one of the hottest professions in recent years.

Companies - Wed, May 14, 2025 | 9:51 pm GMT+7

Malaysia’s maritime sector struggling due to new US tariff policy: expert

Malaysia’s maritime sector struggling due to new US tariff policy: expert

Malaysia’s maritime sector, particularly seaport transportation, faces mounting pressure from the U.S.’s tariff policy.

Southeast Asia - Wed, May 14, 2025 | 9:40 pm GMT+7

VinSpeed registers $60.24 bln investment for Vietnam's high-speed transnational railway

VinSpeed registers $60.24 bln investment for Vietnam's high-speed transnational railway

VinSpeed High-Speed Rail Investment and Development JSC, a subsidiary of private conglomerate Vingroup, on Wednesday announced its registration to invest in Vietnam’s North-South high-speed railway project.

Companies - Wed, May 14, 2025 | 9:24 pm GMT+7