HBC shares are about to move to UPCoM, what does Hoa Binh Construction Group say?

HBC shares are about to move to UPCoM, what does Hoa Binh Construction Group say?

The transfer of the trading floor is expected to be completed in August 2024. The company's leaders affirmed that they will take their information disclosure obligations seriously and are determined to soon re-list and trade on the HoSE.

HBC shares are expected to switch to trading registration on UPCOM in August 2024.

In a recent announcement sent after the decision to delist by the Ho Chi Minh City Stock Exchange ( Ho SE) , Hoa Binh Construction Group Joint Stock Company (code HBC) said that HBC will transfer nearly 347.2 million shares to trade on the UPCOM floor of the Hanoi Stock Exchange ("HNX") to ensure the trading rights of shareholders. The transfer of this trading floor is expected to be completed in August 2024.

During the process of transferring the floor and after registering to trade on UPCOM , the Company commits to continue to strictly perform the obligation to disclose information according to regulations, ensuring transparency and protecting the rights of shareholders and investors. The Company also affirms that transferring the trading floor from HOSE to UPCOM does not affect the basic rights and interests of shareholders.

“ We are well aware of the importance of maintaining a continuous and reliable information channel with the investment community, especially during this transition period . After a period of many events, Hoa Binh is gradually improving its financial indicators and with outstanding efforts and determination to “Restore position”, we commit that in the next two years, HBC shares will grow well and are determined to soon re-list and trade on the HOSE ”, a representative of Hoa Binh Construction Group emphasized in the announcement .

The Company representative also said that an Analyst Meeting will be held in the near future to directly discuss with investors, securities experts and media agencies ; at the same time, affirming that HBC is always ready to dialogue with shareholders and investors to clearly explain each content in this press release.

In the 2023 consolidated audited financial report, Hoa Binh Construction Group's undistributed profit after tax on December 31, 2023 was negative VND 3,240 billion, exceeding the actual contributed charter capital of VND 2,741 billion.

In the first 6 months of 2024, many of the Company's financial indicators improved. In particular,   Revenue reached VND 3,810.82 billion, up 10.1% over the same period in 2023 ; profit after tax reached VND 740.91 billion, significantly improved compared to the loss of VND 713.21 billion in the same period last year.

However, the financial situation based on the audited financial statements is the basis. According to Article 120 of Decree 155/2020/ND-CP regulating the delisting of shares , the total accumulated loss exceeding the actual contributed charter capital or negative equity in the audited financial statements of the most recent year before the review time is one of the cases where shares of a public company are delisted.

The company also said it will continue to implement the increase in equity according to the plan reported at the 2024 Annual General Meeting of Shareholders.

The conversion of VND 730.8 billion of debt into 73.08 million shares for 99 suppliers and subcontractors was completed on June 29, 2024, increasing the charter capital to VND 3,472 billion, equivalent to an increase of 21.05%. In addition, the Company is actively restructuring comprehensively, including: optimizing the management apparatus, streamlining personnel, improving labor productivity and efficiency of production and business activities.

Regarding business strategy, HBC said it is promoting expansion of domestic and foreign markets. In particular, the company started construction of The Grove Apartments project in California in April 2024 ; plans to implement construction of 2 large infrastructure projects in Cambodia in 2024 , ... demonstrating its commitment to diversifying products, markets and seeking growth opportunities.

“ In addition to strengthening the capacity of the general contractor for design & construction, we also improve our capacity for investment, management, operation and exploitation of social housing projects at home and abroad. In addition, HBC also cooperates with many domestic investors to participate in the implementation of apartment renovation projects, urban areas in many provinces and cities across the country, including: Ho Chi Minh City, Hanoi, Hai Phong, Vinh Phuc, Bac Giang, Quang Nam, Da Nang, Binh Thuan, Dong Nai, ... The Board of Directors of Hoa Binh Construction Group is committed to making every effort to overcome the difficult period, gradually recover and develop, ensuring long-term benefits for shareholders, partners and employees ", the announcement emphasized .

Source: https://baodautu.vn/co-phieu-hbc-sap-chuyen-san-upcom-tap-doan-xay-dung-hoa-binh-noi-gi-d220915.html