Trading suspended, stocks continuously hit the floor, how will Nam Song Hau Petroleum (PSH) overcome this?

ANTD.VN - Nam Song Hau Petroleum Investment and Trading Joint Stock Company (PSH) will change its auditing unit and complete loans with foreign financial institutions to settle tax debts and overcome the situation of suspended stock trading.

According to the decision of the Ho Chi Minh City Stock Exchange, from today (March 12), PSH shares of Nam Song Hau Petroleum Investment Trading Joint Stock Company (NSH Petro) will be suspended from trading.

The reason is that Nam Song Hau Oil and Gas is late in submitting the audited semi-annual financial report more than 6 months after the prescribed deadline, which is a case of securities being suspended from trading according to regulations.

Cổ phiếu PSH của Dầu khí Nam Sông Hậu sẽ bị đình chỉ giao dịch từ hôm nay

PSH shares of Nam Song Hau Petroleum will be suspended from trading from today.

After this decision, PSH shares have fallen to the floor for 6 consecutive sessions. Explaining this development, NSH Petro said that the investor's trading decision leading to the shares falling to the floor continuously was beyond the Company's control, and the Company did not have any direct impact on the stock's trading price.

Regarding measures and roadmap to overcome the situation of suspended securities trading, Nam Song Hau Oil and Gas said:

Regarding the semi-annual audited financial statements for 2024, the Company signed Audit Contract No. 352/UHY-HDKT dated August 5, 2024 with UHY Auditing and Consulting Company Limited, but up to now, the Auditing Company has not yet issued the semi-annual audited financial statements for 2024. Nam Song Hau Company plans to terminate the contract with the Auditing Company and at the same time seek the opinion of the General Meeting of Shareholders to find another auditing unit to perform the report.

Regarding the loan situation with Acuity Funding Financial Institution, the Company has basically completed the procedures for the loan with Acuity Funding Financial Institution. Currently, Vietnam Joint Stock Commercial Bank for Investment and Development (BIDV) Transaction Office Branch 2 (asset management unit) is completing the final legal procedures with Acuity Funding Financial Institution. The loan source plan will be disbursed at the end of the first quarter of 2025.

At the same time, the Company successfully held a meeting of bondholders with codes PSHH2224003 and PSHH2224002, through which bondholders agreed to extend the debt and committed not to request asset disposal within 6 months for the Company.

Therefore, NSH Petro has provided a roadmap to overcome debts for the reporting period of December 31, 2023, as follows:

Regarding the amount of money being enforced at the Tax Department of Hau Giang province (formerly) of nearly VND 1,140 billion and the amount being enforced of more than VND 92.5 billion at the Tax Department of Can Tho province (formerly), the Company expects to recover in the middle of the second quarter.

Regarding goods being stored at Dong Phuong Petroleum Joint Stock Company worth more than VND 131 billion; Can Tho Warehouse worth more than VND 50 billion; Tra Vinh Branch Warehouse worth nearly VND 26 billion, the Company said it will conduct a full inventory in the Semi-annual Review Report on June 30, 2024.

“After resolving the above-mentioned outstanding issues, the tax authority will remove the invoice enforcement, at which point the Company will continue to operate its business and issue full sales invoices according to regulations,” said Nam Song Hau Petroleum.

NSH Petro is known as one of the largest petroleum distributors in the Southwest region (West). The company was established on February 14, 2012, headquartered in Hau Giang province, Chairman of the Board of Directors is Mr. Mai Van Huy.

On the stock market, PSH is circulating more than 126 million shares. After 6 consecutive floor-price sessions, NSH's market price is only 1,770 VND/share.

In 2024, Nam Song Hau Oil and Gas recorded a record loss of nearly 790 billion VND, mainly due to the huge tax penalty arising at the end of 2023 with the amount of tax enforced reaching more than 1,200 billion VND.

Comment (0)