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HVG restricted from trading on UPCoM

Update: August, 12/2020 - 16:34
HVG is restricted from trading on UPCoM. — Photo cafef.vn

HÀ NỘI — The Hà Nội Stock Exchange (HNX) announced that it would restrict trading of Hùng Vương Corporation (HVG) on the Unlisted Public Company Market (UPCoM) trading system from Thursday.

Accordingly, this company is only allowed to trade on Friday every week.

The number of shares restricted from trading is over 227 million, with a value of more than VNĐ2.27 trillion (US$97.5 million). Each share has a par value of VNĐ10,000.

Before that, the Hồ Chí Minh Stock Exchange (HoSE) issued a decision to delist shares for HVG stock including more than 227 million shares.

HoSE said that HVG has seriously violated the obligation to disclose information, which HoSE and the State Securities Commission (SSC) deems it necessary to cancel listing to protect the interests of investors in accordance with the law.

HVG has not released its separate and consolidated financial statements for the first quarter of this year so far despite many reminders from HoSE.

HVG said that the company was facing a shortage of accountants because people had stopped working or moved to new companies during the social distancing period from April.

Therefore, data provision for the financial statement consolidation was delayed.

Along with that, the letter confirming the debt from abroad is also delayed, so the auditing company does not have enough grounds to issue the audited financial statements of the transition period from October 1 to December 31 last year. — VNS

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