Disgraced property developer FLC strives to list on UPCoM

By Anh Tu   February 17, 2023 | 04:26 pm PT
Disgraced property developer FLC strives to list on UPCoM
The FLC logo on the entrance of the FLC Twin Tower. Photo by FLC Group
FLC announced plans Friday to list on the Unlisted Public Company Market (UPCoM) Exchange after being delisted by the Ho Chi Minh Stock Exchange for violations three days ago.

FLC apologized to its shareholders for the delisting and guaranteed it would protect shareholder interests throughout the new listing process.

Currently, over 64,700 shareholders own some 709.9 million shares in FLC, which will be delisted on Feb. 20.

FLC CEO Bui Hai Huyen affirmed that shareholders’ rights are still fully guaranteed by the company's charter and Vietnam’s Enterprise Law.

They are still guaranteed the right to participate in shareholder general meetings, to vote, to nominate and stand for members of the Board of Directors.

Huyen said FLC is completing procedures to list shares on the UPCoM system as soon as possible. FLC will announce its first UPCoM trading day as soon as the Hanoi Stock Exchange approves its trading registration.

The Ho Chi Minh Stock Exchange decided to delist FLC shares for "severe violation in fulfilling disclosure obligations."

The shares had been under trading restrictions since September last year due to FLC’s failure to organize an annual general meeting, failure to disclose 2021 financial information and failure to select an auditor.

The company has been struggling ever since key executives, including chairman Trinh Van Quyet, were arrested in March and April last year for alleged stock manipulation.

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