Suspension of trading of SPI shares

Spiral Galaxy's SPI shares have been suspended from trading since February 18 due to the company's repeated violations of information disclosure regulations and its failure to submit its management report and financial report for the fourth quarter of 2024.

Spiral Galaxy's SPI shares have been suspended from trading since February 18 due to the company's repeated violations of information disclosure regulations and its failure to submit its management report and financial report for the fourth quarter of 2024.

According to the announcement of the Hanoi Stock Exchange (HNX), SPI shares of Spiral Galaxy Joint Stock Company (code SPI, HNX floor) will be suspended from trading from February 18, 2025.

The reason for this is that the company has repeatedly violated information disclosure regulations after being placed on the restricted trading list. Previously, the company was late in submitting the 2024 corporate governance report and the 4th quarter 2024 financial report.

HNX requires the company to explain the cause, propose measures to remedy the situation of suspended securities trading and disclose information.

Regarding the securities status of SPI shares, the company has been warned because the undistributed profit after tax as of December 31, 2023 on the audited consolidated financial statements for 2023 is negative; the listed organization violated information disclosure regulations 4 times or more within 1 year.

In addition, SPI shares are still under control because the after-tax profit in 2022 and 2023 on the audited consolidated financial statement of 2023 is negative. If the loss status continues, Spiral Galaxy will have three consecutive years of reporting losses and face the possibility of delisting.

Previously, in the report on the roadmap to overcome the situation of controlled securities in November 2024, this unit said that the company had discussed and agreed on a plan to divest capital from investments in subsidiaries and associated companies. This is being negotiated with partners and the company has received a deposit for the transfer of shares. These transfer transactions are expected to help the company make a profit in 2024. In addition, with the capital received, the company will invest in a corporation operating in the field of tourism and tourism infrastructure, serving the goal of sustainable development.

SPI, formerly Spilit Stone Joint Stock Company, was established in 2009, specializing in mineral exploitation and processing. According to the 2024 semi-annual audited financial report, in the first half of the year, the company achieved VND 261 million in net revenue, down 84% over the same period last year. This unit reported a loss of VND 3.9 billion while in the same period last year it lost nearly VND 4.2 billion.

SPI stock hits bottom in more than 4 years.

The company said that in the first 6 months of 2023, the company's revenue came from Luux Interior Joint Stock Company, thanks to the completion of acceptance and handover of model home interiors for the Sunbay Park project in Ninh Thuan . However, in 2024, this project temporarily stopped construction, Luux Interior's work was stalled, and completed sections were not yet accepted, seriously affecting revenue.

On the stock market, SPI shares closed at only VND1,800/share. This stock is only allowed to be traded on Fridays of the week.

Source: https://baodautu.vn/dinh-chi-giao-dich-co-phieu-spi-d247627.html