Investors dump Bamboo Capital and Tracodi shares after trading is suspended

Ho Chi Minh City Stock Exchange (HOSE) officially announced the suspension of trading of Bamboo Capital shares.

On the morning of October 3, two stocks BCG of Bamboo Capital Group and TCD of Tracodi Construction Group continued to be sold off by investors, hitting the floor price. By 10 o'clock, BCG stock was still empty and trading at the floor price of VND2,800 and TCD was also in a similar situation, trading at VND2,100. Investors are trying to sell both stocks after the Ho Chi Minh City Stock Exchange (HOSE) officially announced the suspension of trading from October 9 for both codes. Tracodi is a subsidiary of Bamboo Capital Group.

Bamboo Capital shares suspended from trading from October 9

PHOTO: BCG

The reason for the suspension of trading is that Bamboo Capital and Tracodi were late in submitting their audited financial statements for 2024 (individual and consolidated) more than 6 months after the prescribed deadline. Previously, both BCG and TCD stocks were put under warning and control due to the delay in disclosing information about their 2024 financial statements.

In addition, HOSE also noted that according to regulations, the shares of a public company will be delisted when one of the following cases occurs: The listed organization violates the late submission of audited annual financial statements for 3 consecutive years or at the end of the fiscal year the listed organization does not fulfill its reporting obligation for the audited financial statements of the previous fiscal year. Therefore, the two stocks BCG and TCD will fall into the case of compulsory delisting if at the end of the fiscal year 2025 the company does not fulfill its reporting obligation for the audited financial statements of 2024.

In the explanatory letter, Bamboo Capital Group said that the delay in submitting the financial report stems from the fact that BCG and TCD have not yet reached an agreement with the auditor on the opinion on the separate and consolidated financial statements for the fiscal year ending December 31, 2024. At the same time, the enterprise is making efforts to coordinate with related parties to resolve the issue of bonds and debt settlement, considering this an important basis for completing the financial report. In the first 9 months of this year, the company has experienced many changes related to major shareholders and senior personnel at the company and its member companies, including personnel in charge of finance and accounting. Currently, the company has basically completed its human resources apparatus and completed the handover of documents, and is urgently implementing the next steps. The Company is working closely with the auditor and relevant parties to overcome the backlog, aiming to issue the 2024 audited financial statements and the 2025 semi-annual review report as soon as possible...

Bamboo Capital has not released its financial statements since Mr. Nguyen Ho Nam, the company’s former Chairman of the Board of Directors and a major shareholder, was prosecuted in late February for fraud and appropriation of assets in a case that occurred at the company. Previously, the company promised to issue its 2024 audit report in September, but the deadline was unexpectedly postponed due to many difficulties.

Source: https://thanhnien.vn/nha-dau-tu-ban-thao-co-phieu-bamboo-capital-va-tracodi-khi-bi-dinh-chi-giao-dich-185251003090851829.htm