HCMC – The Hochiminh Stock Exchange (HOSE) has announced it will delist nearly 710 million shares of FLC Group, with a total value of nearly VND7.1 trillion, from February 20.

At the time of announcement, FLC shares were priced at VND3,570.

The company will be delisted for its serious information disclosure violations according to Decree 155. However, FLC is still eligible for trading its shares on the Unlisted Public Company Market, or UPCoM, according to HOSE.

Decree 155, issued in 2020, elaborates on the implementation of some articles of the Securities Law.

FLC asked the southern bourse to reconsider its decision this afternoon, February 14, saying that FLC’s violations were due to force majeure events.

In September last year, as the firm failed to release its audited 2021 financial statements and select a firm to audit its business operations in the 2021-2022 period.

In response, FLC sent a dispatch presenting its remedies to the information disclosure violations, saying it planned to organize the 2022 annual general meeting in November to pass a plan to select an auditing firm.

The firm has chosen UHY Auditing and Consulting Company for auditing its 2021 financial statements in place of An Viet Auditing Company, but it has yet to announce its 2021 financial statements.

In related stock news, the benchmark VN-Index of the HCMC market edged down 0.48% today, February 14, or lost 5.06 points against the previous session to 1,038.64 points, with 221 winners and 175 losers.

Trade on the southern bourse plunged 42% in volume and 36% in value at nearly 395.7 million shares worth over VND6.7 trillion. Shares transacted in put-through deals contributed over VND1.2 trillion to the total value.

Steelmaker HPG gained 2% and took the lead by liquidity with over 17.2 million shares traded.

On the northern bourse, the HNX-Index added 0.37 points, or 0.18%, over the session earlier at 204.86, with 98 advancers and 73 decliners.

There were 36.35 million shares valued at some VND524.4 billion changing hands, of which 1.54 million shares worth over VND39.7 billion were transacted in put-through deals.