How is Quoc Cuong Gia Lai of Ms. Nguyen Thi Nhu Loan doing?

After the news that the police suddenly appeared at Ms. Nguyen Thi Nhu Loan's house, Quoc Cuong Gia Lai shares hit the floor, capitalization "flew" more than 1,200 billion since Ms. Loan was absent from the shareholders' meeting on June 30.

Quoc Cuong Gia Lai shares were sold off.

On the morning of July 19, dozens of police officers, prosecutors, and riot police... were present at the home of Ms. Nguyen Thi Nhu Loan, general director of Quoc Cuong Gia Lai Joint Stock Company. After this information, the company's shares were sold off.

Police and prosecutors appeared at the house of Quoc Cuong Gia Lai General Director Nguyen Thi Nhu Loan in Ho Chi Minh City.

Specifically, the QCG code of Quoc Cuong Gia Lai dropped to the floor, was sold off fiercely and is being traded at the floor price of VND 9,070/share, with an outstanding sell volume of up to 3.5 million shares.

In the market, QCG shares are among the stocks that have fluctuated strongly in recent months, when they more than doubled in the beginning of the year, from VND8,400 to over VND17,800. This stock maintained its high price until the end of May before plummeting again. This is the 6th consecutive session of large-amplitude decline for QCG shares.

Compared to the highest price range of the year in April 2024, Quoc Cuong Gia Lai's stock price has halved from its peak, thereby narrowing the market capitalization to about VND 2,500 billion, equivalent to a decrease of VND 1,235 billion, a decrease of 33%.

Quoc Cuong Gia Lai still owes shareholders a general meeting

On June 30, Quoc Cuong Gia Lai Joint Stock Company held its 2024 annual general meeting of shareholders. Although it was held very late, the meeting was unsuccessful because the proportion of shareholders attending only represented more than 18% of the charter capital, so it did not meet the conditions for organization.

At this time, a representative of Quoc Cuong Gia Lai said that "due to health reasons", Ms. Nguyen Thi Nhu Loan was absent from the annual shareholders' meeting and Ms. Loan's daughter, Nguyen Ngoc Huyen My, could not attend for personal reasons.

Both Ms. Loan and Ms. My are major shareholders at Quoc Cuong Gia Lai, with a total ownership ratio of 51.3% of capital.

According to the company's annual report, Ms. Nguyen Thi Nhu Loan owns more than 101.9 million QCG shares, accounting for 37.05% of the company's charter capital.

As of March 31, Quoc Cuong Gia Lai's total assets reached VND9,515 billion. The company's cash balance was about VND30 billion. The company recorded more than VND5,161 billion in liabilities, of which VND4,300 billion was in short-term loans and financial leasing debt.

According to documents provided before the meeting, QCG's board of directors plans to submit to shareholders for approval the 2024 production and business plan, with a target of net revenue of VND 1,300 billion, pre-tax profit of VND 100 billion, and no dividends.

This is considered a relatively optimistic target as the revenue of VND 1,300 billion is 3 times higher than the actual level in 2023. The pre-tax profit target is VND 100 billion, 20 times higher than last year's figure, a high level in recent years.

For the real estate sector, this enterprise aims to complete the adjustment of the 1/500 planning of the Marina Da Nang project for sales this year, and at the same time put into operation 6 commercial floors of the Giai Viet project (HCMC), continue to exploit the commercial area at the projects...

In the first quarter of 2024, Quoc Cuong Gia Lai recorded nearly 39 billion VND in revenue, down 77% over the same period, and net profit reached only nearly 1.4 billion VND.

As of July 19, Quoc Cuong Gia Lai has not announced its business results for the second quarter and the first half of the year. At the same time, Quoc Cuong Gia Lai has not announced the date to re-organize the annual shareholders' meeting.

Source: https://tuoitre.vn/quoc-cuong-gia-lai-cua-ba-nguyen-thi-nhu-loan-lam-an-ra-sao-20240719133920533.htm