FLC Faros shares to be delisted for not filing earnings reports

By Phuong Dong August 25, 2022 | 07:56 pm PT

The logo of FLC Faros. Photo courtesy of the company

Over 567 million shares of construction firm FLC Flaros will be delisted from the Ho Chi Minh Stock Exchange on September 9 for failure to file disclosures in time.

Trading in the ROS stock has been suspended since August 12 after being limited to trading only in the afternoons since June.

The company has not submitted its first and second quarter earnings reports, and is unlikely to file its half-yearly report, the exchange (HoSE) said in a statement.

FLC Faros has not held its annual general meeting for this year.

Its board does not have the minimum number of members required, and it has no legal representative, the statement said.

Faros chairman Nguyen Binh Phuong told HoSE last week that the company would fulfill its responsibilities as a listed company, but did not provide a deadline for submission.

After being delisted from HoSE, a stock will continue to be traded on the Unlisted Public Company Market where the daily price band is 15% compared to HoSE’s 7%.

ROS has lost 84% since January, falling to VND2,510 ($0.11), after parent company FLC’s chairman, Trinh Van Quyet, was arrested for stock manipulation.