Saigon Shipping shares are out of trading restrictions

Due to the submission of audited financial statements and semi-annual financial statements for 2023, Saigon Shipping's shares will not be subject to trading restrictions from September 11.

Recently, the Hanoi Stock Exchange (HNX) has decided to remove shares of Saigon Shipping Corporation (UPCoM: SGS) from the restricted trading list. Less than 2 months ago, this stock was also removed from the warning list by HNX.

The decision to remove SGS from the trading restriction list takes effect from September 11, 2024, based on SGS's submission of its 2023 audited financial statements and 2023 semi-annual reviewed financial statements.

Shares of Saigon Shipping Corporation (UPCoM: SGS) are out of trading restrictions since September 11.

Previously, on October 25, 2023, SGS was officially put on trading restriction by HNX due to late submission of audited semi-annual financial statements for 2023 more than 45 days from the deadline for information disclosure as prescribed.

On May 23, 2024, HNX decided to maintain the restriction status for SGS. At that time, SGS not only failed to correct the old errors but also delayed the publication of the 2023 audited financial statements by more than 45 days from the deadline for information disclosure as prescribed.

According to SGS's explanation, on June 29, 2023, the Company held an annual General Meeting of Shareholders and submitted a proposal to the meeting regarding the selection of an auditing unit for 2023, but it was not approved. This proposal continued to be submitted but did not reach the required percentage for approval according to the Company's charter at the written shareholder consultation session on August 18 of the same year.

It was not until May 15, 2024 that the General Meeting of Shareholders agreed on the selection of an audit unit for the semi-annual and annual financial statements of 2023. A few days later, SGS announced the signing of an audit contract to review the semi-annual financial statements of 2023 and audit the financial statements of 2023, and also announced that these reports would be published before June 30, but in fact it was not officially announced until the end of August.

Also related to the stock status, on July 30, 2024, SGS was removed from the warning list by HNX thanks to its successful organization of the 2024 Annual General Meeting of Shareholders. Thus, with its efforts in the past time, SGS has officially escaped the penalties for stock status imposed by HNX.

In terms of business results, SGS's net profit in 2023 reached nearly VND50 billion, up 11% over the same period last year, driven by the growth of warehouse, yard and financial activities.

In the first 6 months of 2024, SGS's net profit was nearly 15 billion VND, down 41% compared to the same period last year, due to a decline in agency, delivery, warehouse and yard activities. In addition, SGS's other profits also decreased.

Source: https://baodautu.vn/co-phieu-cua-van-tai-bien-sai-gon-ra-khoi-dien-han-che-giao-dich-d224278.html