Angimex shares hit the ceiling limit for a series of consecutive days.

Despite heavy losses in the first half of 2024, shares of An Giang Import-Export Joint Stock Company (Angimex) have seen a three-day winning streak, reaching close to 3,500 VND.

AGM shares continued to open this morning's trading session (September 12th) in the purple zone, pushing the share price to its highest level in over two months. The trading volume before the midday break reached over 68,000 shares, while there were still over 360,000 shares remaining in buy orders at the ceiling price.

This marks Angimex's fourth consecutive day of gains, including three days of hitting the upper limit. This upward trend has pushed the share price from 2,820 VND to 3,470 VND. The stock has become one of the rare stocks on the Ho Chi Minh City exchange that consistently bucks the market trend and rises sharply. However, compared to the price at the beginning of the year of 6,300 VND, the share price has also lost nearly 45%. The company's market capitalization has also halved, now standing at only 63 billion VND.

This surge coincided with Angimex's leadership announcing a roadmap to address the situation of its securities being placed under control. Previously, at the end of August, the Ho Chi Minh City Stock Exchange decided to place AGM under control from September 10th due to accumulated losses exceeding the actual contributed charter capital in the consolidated semi-annual financial statement for this year.

In a document submitted yesterday (September 11th), Mr. Huynh Thanh Tung, General Director of Angimex, stated that the company is implementing several measures to remove its shares from the control list. Specifically, Angimex continues to seek professional securities investors to conduct a private placement of shares to increase its equity capital, thereby supplementing working capital for production and business operations and addressing the situation of accumulated losses exceeding the actual contributed charter capital.

In addition, the company also implemented a comprehensive restructuring by optimizing its management system, streamlining personnel, expediting the recovery of bad debts, and liquidating assets.

Angimex's management is also considering issuing private placement shares to convert bond debt into shares for bondholders, thereby increasing charter capital and improving its financial situation. The management added that, to address the issue of shares being under control, the company will provide explanations and reports on its situation quarterly and will not violate regulations on information disclosure in the stock market.

In the first half of this year, Angimex recorded revenue of 151 billion VND, a decrease of more than half compared to the same period last year. The majority of revenue came from the sale of food and rice seeds. During this period, the company no longer recorded revenue from the sale of spare parts and motorcycles.

The company's gross profit was less than 1 billion VND, so after deducting various expenses such as interest, sales, and administrative costs, it reported a net loss of 99.4 billion VND, compared to less than 58 billion VND in the same period last year. This significant loss in the first half of the year increased the accumulated undistributed loss to 259 billion VND, resulting in negative equity of 77 billion VND.

The company's total assets currently stand at VND 1,165 billion, a slight decrease compared to the beginning of the year. Liabilities exceed assets, reaching VND 1,242 billion, with the majority being short-term liabilities.

Angimex aims for revenue of 1,742 billion VND and pre-tax profit of 5 billion VND this year. This target is significantly more optimistic than last year's business results, when revenue only reached 788 billion VND and pre-tax loss exceeded 221 billion VND.

Angimex was once considered a member of Mr. Do Thanh Nhan's "Louis ecosystem." After Mr. Nhan's arrest in mid-2022, the company experienced several changes in senior leadership, and its stock plummeted from its peak of over 60,000 VND to its current level.

Source: https://baodautu.vn/co-phieu-angimex-tang-tran-lien-tiep-d224731.html