Song Da 9.06 Joint Stock Company has just announced to postpone the 2010 dividend payment by 3 years, to December 30, 2027 instead of paying on December 30, 2024 as previously announced. Thus, shareholders of this company will have to continue to wait up to 17 years to receive dividends if the company keeps this schedule.
The reason for delaying the dividend payment this time was given by the company because it had not yet arranged the source of money, because the Song Da - Binh Tan urban area project in cooperation with Hoang Quan Real Estate Consulting and Trading Services Joint Stock Company under the 2010 agreement could not be implemented.
Shareholders wait more than 15 years without receiving dividends
This is not the first time S96 has delayed its payment obligations to shareholders. Since 2012, the company has repeatedly extended dividend payments due to financial difficulties, inability to arrange funds, or the impact of the COVID-19 pandemic. Specifically, after closing the dividend payment on July 1, 2011, S96 has repeatedly announced a delay in the payment date. In 2021, S96 announced a delay in the payment date to December 31, 2024 due to the impact of the Covid-19 pandemic, and has now continued to delay it for another 3 years, to the end of 2027.
S96 was formerly Song Da 9.06 Enterprise under Song Da 9 Company - a member of Song Da Corporation, one of the leading enterprises in the field of infrastructure construction and hydropower in Vietnam. After equitization in 2004, by 2014, Song Da 9 Company had divested all its capital in this unit. This capital was previously represented by 5 individuals, including Mr. Dinh Ngoc Anh - one of the founding shareholders and currently still sitting on the Board of Directors of S96. Since entering the real estate market, S96 has been profitable until 2010, followed by a series of consecutive losses. S96 shares are traded on UPCoM but have been suspended from trading since mid-December 2023 until now due to failure to publish financial statements for the years 2020, 2021, 2022.
On the stock exchange, there are also a number of enterprises that have delayed the payment of dividends to shareholders for many years, such as Song Da Industrial Park and Development Investment Joint Stock Company (stock code SJS) announced to delay the payment of cash dividends for the years 2016 - 2017 until the end of 2024, equivalent to 7 years; Song Da 6 Joint Stock Company (stock code SD6) is also in a state of waiting for more than 10 years when the remaining dividend of 2015 is 5% and the first installment of 2016 with a rate of 5% is delayed until the end of 2025... However, the longest time still belongs to S96 as mentioned above, which will be up to 17 years if this company keeps its new promise.
Source: https://thanhnien.vn/chuyen-kho-tin-hon-15-nam-chua-nhan-duoc-co-tuc-18525022017315213.htm
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