Sao Thai Duong wants HoSE to consider the decision to delist shares

Sao Thai Duong hopes HoSE "will consider carefully before deciding to delist SJF shares because it may directly affect the interests of more than 6,600 shareholders and employees."

Sao Thai Duong wants HoSE to consider the decision to delist shares

Sao Thai Duong hopes HoSE "will consider carefully before deciding to delist SJF shares because it may directly affect the interests of more than 6,600 shareholders and employees."

Sao Thai Duong Investment Joint Stock Company (stock code: SJF) has just sent an official dispatch to the Ho Chi Minh City Stock Exchange (HoSE) to respond to the issue of SJF shares being forced to delist.

Previously, HoSE announced that it would consider delisting SJF shares but has not yet set a date. The reason given is that since the suspension of trading, the company's information disclosure violations have still occurred and are likely to continue, seriously violating the information disclosure obligation and affecting the rights of shareholders.

Specifically, SJF has been under control since October 11 because the auditing organization has given an exceptional audit opinion on the audited annual financial statements for two consecutive years (2022, 2023), the after-tax profit of the parent company's shareholders on the audited consolidated financial statements for 2022 and 2023 is negative and the audited semi-annual financial statements for 2024 are submitted more than 30 days late compared to the prescribed deadline.

In a recent document, Mr. Nguyen Tri Thien - Chairman of Sao Thai Duong Board of Directors - said that the company is focusing on collecting and providing documents as required by the auditors to review the semi-annual report. However, Mr. Thien said that the volume of documents is relatively large and the auditors need more time to study the documents, so the company requests an extension of the deadline for submitting the 2024 semi-annual financial report to November 8, 2024.

“The company hopes that HoSE will consider and weigh carefully before deciding to delist SJF shares because it will directly affect the interests of more than 6,600 shareholders and employees of the company,” Mr. Thien wrote in a document sent to HoSE.

On the stock exchange, SJF shares are at VND1,790 since being suspended from trading from November 13, 2023.

According to the semi-annual financial report, the company achieved net revenue of VND34.5 billion, down 41% over the same period. Gross loss in this period was more than VND5.6 billion, while in the same period it lost VND7.6 billion. After deducting expenses, the company reported a pre-tax loss of VND6.1 billion and a post-tax loss of VND8.2 billion.

This year, Sao Thai Duong set a revenue target of 150 billion VND, an increase of 36% over the same period. After-tax profit is estimated at 10 billion VND, while last year it lost 326 billion VND. After half a year, the company has completed 23% of the revenue plan and is still far from the profit target.

At the General Meeting of Shareholders held at the end of June, the Board of Directors assessed that the business situation in the second half of the year would improve and the company could achieve better business results.

As of the end of the second quarter of 2024, Sao Thai Duong had total assets of nearly 765 billion VND, a slight increase compared to the beginning of the year. Liabilities were more than 278 billion VND, short-term items accounted for the majority of the company's debt structure with more than 260 billion VND. Equity reached 486 billion VND, undistributed loss after tax was more than 320 billion VND.

Source: https://baodautu.vn/sao-thai-duong-muon-hose-can-nhac-quyet-dinh-huy-niem-yet-co-phieu-d228403.html