HAG and its agribusiness unit face probable delisting

HAG and its agribusiness unit face probable delisting

The HCM Stock Exchange has warned Hoang Anh Gia Lai JSC (HAG) and its agribusiness arm, Hoang Anh Gia Lai Agricultural JSC (HNG), of probable delisting if they fail to submit the financial statements for 2017.

In the warning issued on February 7, the southern exchange said HAG and HNG had not submitted their audited financial statements for FY2015 and FY2016 (consolidated and of parent companies).

Decree 58/2012/ND-CP stipulates that securities of a company will be removed from listing if the company delays the submission of financial statements for three consecutive years.

On February 6, HAG and HNG sent documents to the HCM Stock Exchange requesting an extension in the date to submit their financial statements.

The two bodies are required to submit the quarterly financial statements within 30 days from the last day of the quarter, reviewed semi-annual financial statements within 60 days from the last day of the first six months of the fiscal year and audited annual financial statements within 100 days from the last day of the fiscal year.

Their requests, however, will be reviewed by the State Securities Commission.

Shares of both HAG and HNG dropped by the maximum 7 per cent capped on the HCM Stock Exchange for a single trade on February 8 at some VND6,200-VND6,700 each.

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