Property developer Novaland (NVL) flagged over biannual report delays
Property developer Novaland (NVL) flagged over biannual report delays
The Hồ Chí Minh Stock Exchange (HoSE) has announced that shares of four companies from real estate and material industries will be flagged for caution from September 23, as these firms have delayed submitting their biannual financial reports for 2024 review.
Luxury apartment projects of Novaland in HCM City. — VNA/VNS Photo |
HoSE said that it has made a decision to issue a cautionary notice regarding Novaland's stocks (NVL), effective from September 23.
This move followed the property developer's failure to submit its biannual financial reports for the year 2024, within the stipulated time frame, exceeding the deadline by over 15 days, thus warranting the cautionary status as per regulatory guidelines.
Earlier, HoSE had alerted Novaland about the delayed publication of both separate and consolidated biannual financial reports for 2024 on September 4.
As per the latest explanation provided, Novaland said that in the first half of 2024, it was focused on a comprehensive restructuring phase.
The company successfully restructured a substantial portion of its current debts, showing positive advancements in financial and legal aspects of projects, construction progress, handovers, as well as the issuance of property ownership certificates to residents.
However, due to the increased trading volume, complexity and the larger number of documents necessitating review, more time is required to process the paperwork to ensure the accuracy, reasonableness and transparency of the financial data.
Although collaborating with PricewaterhouseCoopers Vietnam (PwC Vietnam) to meet the deadline for disclosing the 2024 biannual financial report, final tasks remain pending.
Novaland commits to working with PwC Vietnam to disclose the 2024 biannual financial report by September 28.
The stock exchange also has taken the decision to caution Đức Long Gia Lai Group stocks (DLG), effective September 23.
The move came as a consequence of delays in submitting the 2024 biannual financial reports, surpassing the deadline by over 15 days, warranting caution as per regulations.
On August 30, Đức Long Gia Lai requested a temporary delay in disclosing separate and consolidated biannual financial information for 2024. The company appointed Standard Vietnam LLC for auditing the 2024 financial reports on July 10.
The company, comprising four subsidiaries and one affiliate, including Mass Noble Investments Limited based in the British Virgin Islands, faces complexities and time constraints in preparing separate and consolidated financial reports.
Due to a lack of timely data synchronisation between Mass Noble and its Vietnamese auditing counterpart (Standard Vietnam LLC), delays have affected the preparation of reports for the initial half of 2024.
Đức Long Gia Lai has sought an extension from the State Securities Commission of Vietnam (SSC) and HoSE for submitting and disclosing separate and consolidated financial reports for the first half of 2024, not to exceed 30 days beyond the deadline.
Similarly, shares of Đông Á Plastic JSC (DAG) and Rạng Đông Holding Plastic JSC (RDP) have also been flagged for caution from September 23 due to delays in publishing the 2024 biannual financial reports by more than 15 days.
