HBC restricted from trading from May 23

SGGPO May 17, 2023 15:35

Hoa Binh Construction Group Joint Stock Company (HBC) was 45 days late in submitting its audited financial report for 2022 compared to the regulation, so from May 23, HBC shares were transferred from the controlled category to the restricted trading category.

The Ho Chi Minh City Stock Exchange (HoSE) has just decided to transfer HBC shares of Hoa Binh Construction Group Corporation from controlled to restricted trading from May 23. Accordingly, HBC shares can only be traded in the afternoon session of the trading day by centralized order matching and negotiated trading methods. The reason is that this enterprise is 45 days late in submitting its audited financial statements for 2022 compared to the regulations. At the same time, HBC shares continue to be kept under control due to late submission of audited financial statements for 2021 and 2022.

Previously, explaining the delay in publishing financial reports that led to the stock being put under control, HBC said that recently, the company's internal management has encountered a number of problems. In addition, the real estate and financial market situation has fluctuated; a series of projects have had to stop construction, leading to difficulties in confirming the volume and value of completion from the investor, affecting payment and settlement. This has affected the company's ongoing operations, including completing the annual financial report on time.

HBC said it will announce the 2022 audited financial report no later than May 30; and at the same time, announce the 2022 Annual Report as prescribed.

In the trading session on May 17, HBC shares closed at the floor price of 8,660 VND/share, with a floor sell order of more than 263,000 shares and no buyers.

Source