FLC shares are subject to transaction suspension due to the corporation’s failure in addressing violations of information disclosure regulations.

FLC shares are subject for transaction suspension on the stock market. File photo

The Ho Chi Minh City Stock Exchange (HoSE) said trading of the FLC's share would be suspended in a document sent to the FLC group.

According to HoSE, to date, FLC has not yet held annual shareholder meeting, disclosed an audited financial statement for 2021, or selected an auditor for this year’s version.

As FLC shares are currently under limited transaction status (only allowed to be sold/purchased in the evening session) since June 1 due to a delay in submitting an audited financial statement, a heavier penalty would be transaction suspension.

The stock market authority, however, has not provided information over the suspension period.

Shares of the HAI Agrochem Company, another company linked with the FLC Group, have also received a warning for transaction suspension due to a similar reason.

In this case, both are requested to submit a plan to hold annual shareholder meetings and select auditors before August 19.

At the close of yesterday’s session, shares of FLC and HAI dropped to their respective floor prices, losing respective 6.8% and 6.9% from the previous session, as negative information surrounding the corporation had an impact on investors' decisions.

Trading of another share of FLC Faros was previously suspended from August 12, due to a violation in information disclosure of the financial statement report in the second quarter.

FLC has reshuffled its management board after the arrest of its CEO Trinh Van Quyet and other high-ranking officials for alleged stock market manipulation and hiding information.

The corporation’s business performance, however, remains on the downside with an after-tax loss of VND640 billion (US$27.3 million) in the second quarter, taking the accumulated loss in the first half of the year to VND1.1 trillion ($47 million).