FLC wants restrictions on trading its shares lifted

By Anh Tu   March 23, 2023 | 11:25 pm PT
FLC wants restrictions on trading its shares lifted
FLC Sam Son in Thanh Hoa Province, central Vietnam. Photo courtesy of FLC Group
Property developer FLC wants the restrictions on trading its shares lifted as soon as possible even as it strives to overcome management and financial challenges.

In a report to the Hanoi Stock Exchange, which runs the Unlisted Public Company Market (UPCoM) in which FLC shares are traded now, the company said it is working with auditor UHY to complete and publish the annual report for 2021 next month.

The failure to publish it caused authorities to delist its shares from the main bourse, the Ho Chi Minh Stock Exchange (HoSE), and move them to UPCoM.

FLC said it held an extraordinary general meeting on Mar. 4 and plans to hold the annual general meeting for 2022 in the middle of June and seek shareholders’ approval for hiring an auditor for last year’s annual report.

By October end it hopes to publish the report for the first half of last year.

In its report to the HNX, the company asked for time to resolve these problems.

It has said it will restructure to focus on property development and resort and golf course management, and sell its stakes partially or fully in other industries to raise funds for working capital and repaying debts.

On Wednesday its deputy CEO, Dang Thi Luu Van, resigned for personal reasons. Last month CEO Bui Hai Huyen and two other deputy CEOs had resigned.

FLC has been struggling since some key personnel, including chairman Trinh Van Quyet, were arrested last year for alleged stock manipulation.

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