Hanoi Stock Exchange (HNX) has just decided to put LTG shares of Loc Troi Group Corporation under trading restriction.
HNX said that Loc Troi has been late in submitting its audited 2024 semi-annual financial report for more than 45 days from the deadline for information disclosure as prescribed. Therefore, LTG shares will be restricted in trading time from October 24, 2024, meaning that investors can only trade this stock code on Fridays every week.
Previously, in July 2024, LTG requested to postpone the announcement of the financial report for the second quarter of 2024 due to force majeure and committed to announce the information as soon as the situation was resolved, no later than August 30, 2024.
On August 19, LTG signed an audit contract with E&Y Vietnam to review the interim financial statements and audit the 2024 financial statements. Therefore, at the end of August 2024, LTG continued to request a postponement of the announcement of the second quarter financial statements.
LTG said: "The company is facing a force majeure event that requires it to increase the stability of its capital flow for production and business activities. The entire company must focus on handling immediate financial issues." After the 2024 Annual General Meeting of Shareholders, the company also experienced personnel changes, key personnel changes, leading to the company having just completed the signing of an audit contract. The company committed to fully disclosing information upon completion.
Recently, LTG has been facing continuous turmoil when the former General Director of LTG, Mr. Nguyen Duy Thuan, was accused by the company of "fraudulent acts, causing loss of company assets". Mr. Thuan was dismissed from July 15, 2024, and on October 16, the company appointed Mr. Nguyen Tan Hoang - Chief Accountant - to the position of General Director.
Mr. Huynh Van Thon - Chairman of Loc Troi Board of Directors said that Loc Troi's situation is in danger but will still try to reorganize the enterprise. Many individuals in LTG's board of directors have also left the enterprise amid the governance scandal.
On the stock market, LTG shares are still in a downward phase. Currently, LTG has fallen below par value, closing the trading session on October 21 at VND9,400/share, losing 32% of its value compared to the beginning of October and down more than 66% compared to the peak of the year reached in March . Foreign investors have also continuously net sold this stock code.
 |
| LTG stock performance from the beginning of 2024 to present. |
In 2023, LTG reported its lowest profit year since 2007, with a profit after tax of only VND 16.8 billion and a loss after tax of non-controlling shareholders of VND 400 million. LTG's 2023 financial report was audited and fully accepted by E&Y Vietnam. In the first quarter of 2024, LTG reported a loss-making business period with a profit of -96.2 billion VND. During this period, LTG also encountered a scandal related to owing hundreds of billions of VND to farmers for buying rice.
Source: https://baodautu.vn/co-phieu-ltg-cua-loc-troi-bi-han-che-giao-dich-tu-2410-d227989.html
Comment (0)