On May 24, Mr. Le Viet Hai, Chairman of the Board of Directors of Hoa Binh Construction Group Corporation (HBC), sent a written explanation to the Ho Chi Minh City Stock Exchange about measures to overcome the situation of restricted trading of corporate stocks.
Mr. Le Viet Hai said that in the recent past, the company's internal management has encountered a number of problems.
In addition, the real estate and financial market situation is volatile. A series of projects have to stop construction, leading to difficulties in confirming the volume and value of completion from the investor, affecting the issue of payment and settlement.
This affects the company's ongoing operations, including the timely completion of annual financial statements.
Currently, HBC is working closely with the auditor to complete the 2022 financial statements as soon as possible.
He committed that HBC will disclose information on the 2022 Financial Statements immediately after issuance, and at the same time disclose information on the 2022 Annual Report according to regulations.
In 2024, HBC will strictly comply with regulations on publishing 2023 financial statements on time.
Previously, HBC shares were moved from controlled to restricted trading due to late submission of audited financial statements for 2022 more than 45 days after the prescribed deadline.
After the civil war, Hoa Binh Construction is undergoing strong restructuring. On May 19, Mr. Le Viet Hai signed a series of decisions related to personnel in the leadership.
Notably, Mr. Le Van Nam was appointed as General Director from June 1. The Board of Directors approved the decision to appoint Mr. Nguyen Khanh Hoang as Deputy General Director of HBC from June 1; dismiss Mr. Pham Quoc Thang from the position of Chief Accountant from May 31 and appoint Ms. Le Thi Phuong Uyen to replace Mr. Thang as Chief Accountant from June 1.
In addition, the Board of Directors passed a series of important decisions. For example, it approved the purchase of the remaining 75% of shares of the 127 An Duong Vuong project (Ward 10, District 6, HCMC) from Thanh Ngan Company to achieve 100% ownership.
HBC approved the implementation of the credit proposal and transaction with Maritime Bank. The maximum short-term credit limit is 2,000 billion VND. Of which, the maximum loan limit is 1,000 billion VND; the maximum guarantee limit is 1,000 billion VND.
Purpose: supplement working capital, guarantee for business operations, maximum term 12 months from the date of signing the credit contract to issue 5 million shares to Sanei.
This enterprise also approved the agreement to transfer land use rights of Mr. Le Viet Hai and Ms. Bui Ngoc Mai for 3 land plots with a total area of 7,218.6 m2 (on Phan Van Hon Street, Tan Thoi Nhat Ward, District 12, HCMC) for 120 billion VND.
In addition, HBC's leaders also approved the purchase of all shares of Mr. Le Viet Hai at Pax International Company according to the actual contributed capital (138 billion VND).
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