The Ho Chi Minh City Stock Exchange (HOSE) has just issued a document reminding Truong Thanh Wood Industry Group Joint Stock Company (stock code: TTF) about the delay in disclosing information about the company's frozen bank accounts.
According to the document, on October 1, HOSE received information from Truong Thanh Wood about the company's account being frozen according to the decision dated September 12, 2024 of the People's Court of Tan Uyen City, Binh Duong Province due to a dispute over a goods sale and purchase contract.
According to regulations, public companies must disclose unusual information within 24 hours of the incident. However, Truong Thanh Wood has not done so properly.
Accordingly, HOSE reminded Truong Thanh Wood to seriously fulfill its reporting and information disclosure obligations as prescribed to ensure shareholders' rights, and to submit an official letter of explanation before October 14, 2024.
Truong Thanh Wood Factory
Previously, Truong Thanh Wood was also reminded due to the delay in announcing information explaining the difference in after-tax profit in the audited semi-annual financial report for 2024.
Recently, the Board of Directors of Truong Thanh Wood Industry Corporation announced that it has approved the plan to use capital from Thien Thanh Porcelain Company Limited to make a short-term loan plan at Agribank with the amount of 27 billion VND.
The purpose is to supplement working capital for production and business, and production of sanitary ceramics.
Regarding business performance, in the first 6 months of 2024, Truong Thanh Wood recorded revenue of 699 billion VND, down 2.3% over the same period. After deducting expenses, profit after tax was 121.6 million VND.
However, by the end of June 2024, the accumulated loss of this enterprise had reached VND 3,241 billion, accounting for 78.8% of the company's charter capital. In addition, the payable debt was VND 2,409 billion, of which short-term and long-term loans accounted for 16.6%, making the financial situation of this company face many challenges.
Truong Thanh Wood used to be the leading wood company in the industry but later lost this position due to choosing the wrong strategy.
This enterprise is currently chaired by Mr. Mai Huu Tin. Mr. Tin is known as the "rescue" boss after the success of two deals with Tan My water tank and Saigon paper.
In the market, TTF shares are under warning and the market price when closing the trading session on October 8 was 3,110 VND/share, down nearly 27% compared to the beginning of the year.
Source: https://nld.com.vn/cong-ty-go-truong-thanh-tiep-tuc-bi-hose-nhac-nho-196241008213643708.htm
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