(NLDO)- On the market, RDP shares have been suspended from trading due to violating many regulations on information disclosure.
With only a few days left until Lunar New Year 2025, Rang Dong Holding Joint Stock Company (stock code: RDP) sent a document to the Ho Chi Minh City Stock Exchange (HOSE) stating that it had received a notice of acceptance of the petition to open bankruptcy proceedings from the Ho Chi Minh City People's Court, from January 2.
The applicant is Rang Dong Films Joint Stock Company - a subsidiary in which Rang Dong Holding holds 97.75% of capital.
"Along with the petition, the petitioner has submitted documents and evidence to prove the bankruptcy request," the court's announcement stated.
Pursuant to the Bankruptcy Law, the Ho Chi Minh City People's Court has notified the Ho Chi Minh City People's Procuracy, Rang Dong Films, Rang Dong Holding, agencies and organizations handling cases related to insolvent enterprises.
Within 15 days from the date of receipt of the court's notice, Rang Dong Holding must present documents and papers such as an explanation of the cause leading to the insolvency; a report on the results of implementing measures to restore the enterprise but still unable to overcome the insolvency.
Detailed list of assets, locations of assets of the business, if it is money in the account, get confirmation from the bank for the amount of money in the account...
Headquarters of Rang Dong Holding Joint Stock Company
About Rang Dong Holding, this company was established in the 1960s, famous for the Rang Dong Plastic brand. Mr. Ho Duc Lam is currently the company's Chairman of the Board of Directors.
Recently, this enterprise has continuously encountered many major incidents. For example, in 2023, Rang Dong Holding lost a lawsuit against its foreign partner, Sojitz Group, and had to pay back nearly 157 billion VND and related costs.
By November 2024, the Ho Chi Minh City Stock Exchange (HOSE) decided to transfer RDP shares from restricted trading to suspended trading from November 28, 2024 due to continued violations of information disclosure regulations.
By December 2024, the State Securities Commission had decided to fine Rang Dong Holding VND 242.5 million for not disclosing information on the audited semi-annual financial statements for 2024; disclosing information not on time such as the audited separate financial statements for 2023, the audited consolidated financial statements for 2023, the annual report for 2023...
In addition, Rang Dong Holding also announced false information about 2023 after-tax profit in its self-prepared separate financial report for the fourth quarter of 2023 and its self-prepared consolidated financial report for the fourth quarter of 2023.
Specifically, the 2023 after-tax profit on Rang Dong Holding's fourth quarter 2023 financial report is VND17.3 billion. However, the 2023 after-tax profit on the audited separate 2023 financial report is negative VND117.6 billion.
In addition, the 2023 after-tax profit on the consolidated financial report for the fourth quarter of 2023 is VND 26.04 billion. However, the 2023 after-tax profit on the audited consolidated financial report for 2023 is negative VND 146.7 billion.
Regarding business situation, according to the financial report for the second quarter of 2024, in the first half of 2024, Rang Dong Holding reported a loss of more than 64.5 billion VND, due to high cost of goods sold, increasing the accumulated loss as of June 30, 2024 to 266 billion VND.
Rang Dong Holding's total assets by the end of the second quarter of 2024 had decreased by 7% compared to the beginning of the year, falling below the VND2,000 billion mark. The value of cash and bank deposits was only VND21.1 billion, down 33%.
Not only is Rang Dong Holding incurring losses, it is also carrying short-term loans and financial leasing debts of more than VND1,034 billion, and long-term debts of nearly VND198 billion. These debts are mostly bank debts. Total financial debt is 4.4 times higher than equity.
In addition, Rang Dong Holding faces more than VND252 billion in bad debt, of which nearly VND61 billion has been set aside for these bad debts.
Source: https://nld.com.vn/nhua-rang-dong-bat-ngo-bao-tin-xau-ngay-cuoi-nam-196250125205911884.htm
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