Bourse slaps restrictions on FLC-related stocks

By Minh Son   May 25, 2022 | 08:28 pm PT
Bourse slaps restrictions on FLC-related stocks
An investor looks at stock prices on a screen at a brokerage in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
The Ho Chi Minh Stock Exchange has restricted trading in the stocks of real estate developer FLC and two related companies for delayed submission of earnings reports last year.

Stocks of FLC, FLC Faros Construction (ROS) and HAI Agrochem Joint Stock Company (HAI) will be traded only in the afternoon starting June 1.

The companies had failed to submit their 2021 earnings reports for 45 days after the deadline.

Trade in these tickers has been declining since FLC chairman Trinh Van Quyet was arrested in March for alleged stock manipulation.

In the last seven days, only seven million FLC shares were traded daily, down from the average of over 18 million in the last three months.

Trading has halved in ROS and HAI stocks.

FLC’s stock price has fallen by over 70 percent since the beginning of this year, and ROS and HAI have lost 73 percent and 65 percent.

FLC is set to seek shareholders’ permission to dismiss Quyet and deputy chairwoman Huong Tran Kieu Dung at the next annual general meeting.

Shareholders will vote for their replacements.

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