Real estate Landmark Holding (LMH) shares dive on delisting decision
Shares of Landmark Holding JSC tumbled for a second day after the firm was delisted by force from the Ho Chi Minh Stock Exchange (HoSE).
The petrochemical and real estate trading firm’s shares (HoSE: LMH) plunged 6.5 per cent to trade at VND1,000 apiece on Thursday. Shares dived 7.0 per cent on Wednesday.
On Tuesday, the southern bourse HoSE announced more than 25.62 million shares of Landmark Holding will be delisted on June 19.
The decision was made after audit firm made a disclaimer of opinion on the company’s 2019 financial report.
The disclaimer of opinion is often the worst type of feedback an auditor may have on a firm’s financial report. It means the auditor is unable to form an opinion as there are insufficient proof in the financial statement.
On April 27, HoSE warned Landmark Holding shares could be delisted for the same reason.
The company debuted on HoSE on October 12, 2018 at VND11,200 (US$0.48) per share. Shares reached the highest of VND16,590 apiece on July 25, 2019 before nosediving ever since.
Landmark Holding is known as the investor of several real estate projects in Ha Noi, including the Manhattan Tower in Thanh Xuan District. But the company quit the project in August 2019.