A Cuong Minerals shares fall sharply
A Cuong Minerals shares fall sharply
Shares of A Cuong Minerals (ACM) were often amongst the lowest valued in the market, and now they have hit an even lower point after the firm was found harming the local environment.
A Cuong Mineral Group Joint Stock Company engages in the mining and wholesale of minerals and coal in Son Dong District, Bac Giang Province.
Since the publication of the information discovered by officials, specifically the firm's discharge of untreated waste water directly into the local river, shares lost about 50 per cent in value from the previous week. On July 19, they fell to their lowest figure of the year, closing at VND1,800.
Yesterday, after A Cuong told its shareholders for the first time about the case, and confirmed that the issue related to a leaking waste water tank that they were trying to fix, each share of the mineral firm rose more than 5 per cent to reach VND1,900(US$0.08) on the Ha Noi Stock Exchange.
Despite the increase yesterday, the firm's shares remained lower than last week's figure.
On June 26, the Bac Giang Department of Natural Resources and Environment and the local environment police caught the firm discharging untreated waste water directly into the local river.
On July 18, the Ministry of Natural Resources and Environment decided to inspect the environmental protections of the group, with the inspection teams partnered with functional officials of the ministry and the local province.
According to ministry, the firm would be subject to punishment under the law if the team found violations.
