Bamboo Capital, BCG Land lose public company status after disclosure violations

Bamboo Capital, BCG Land lose public company status after disclosure violations

The SSC's decisions took effect on August 5, removing both companies from the list of public companies.

An energy project developed by Bamboo Capital Group (BCG) in Vĩnh Long Province. — Photo bnews.vn

The State Securities Commission of Vietnam (SSC) has revoked the public company status of Bamboo Capital Group (BCG) and BCG Land (BCR) after both companies serious violated information disclosure requirements, marking the latest regulatory action against firms within the Bamboo Capital ecosystem.

The decisions took effect on August 5, removing both companies from the list of public companies.

They followed a previous decision by the Hochiminh Stock Exchange (HoSE) in July to delist more than 880 million BCG shares after Bamboo Capital failed to publish its audited financial statements for three consecutive years. The move came after BCG shares had been suspended from trading for more than nine months.

BCG last traded on October 9, 2025, at VNĐ2,530 per share, with a market capitalisation of approximately VNĐ2.23 trillion (US$85 million). Compared with its all-time high of VNĐ22,850 per share in March 2022, the stock had lost nearly 90 per cent of its value.

BCG Land has faced similar difficulties.

BCR shares were suspended from trading on June 26 after the company failed to publish its audited 2024 financial statements by the end of the 2025 financial year. 

At the time of the suspension, BCR was trading at VNĐ1,000 per share, down sharply from its historical peak of VNĐ13,040, recorded shortly after the stock began trading on the UPCoM market in December 2023.

In a letter to shareholders, Bamboo Capital CEO Ng Wee Siong Leonard acknowledged the seriousness of the compulsory delisting and apologised to shareholders for the consequences of the situation.

According to the company, delays in publishing financial statements since 2024 resulted from a comprehensive corporate restructuring, changes in senior management and in finance and accounting personnel, as well as the transfer of numerous audit-related documents to investigating authorities. 

The company said these factors prevented both Bamboo Capital and its auditor from accessing complete documentation for a period of time.

Bamboo Capital said it has since appointed a new audit firm, held an extraordinary general meeting of shareholders to facilitate the audit process and continued cooperating with relevant authorities to complete the required documentation.

However, the company acknowledged that the outstanding financial statements have yet to be released.

Management stressed that the compulsory delisting does not mean the company has ceased operations.

According to Bamboo Capital, its subsidiaries and ongoing projects continue to operate in accordance with regulations while commercial contracts remain valid in effect and the legitimate rights and interests of shareholders remain protected.

Looking ahead, the firm said it would focus on completing its overdue financial statements, fulfilling all information disclosure obligations, resolving outstanding legal matters and implementing its 2026-2030 restructuring programme.

The plan prioritises portfolio restructuring, debt resolution, financial restructuring, the attraction of strategic investors and additional capital raising.

Following the latest regulatory action, only two listed public companies remain within the Bamboo Capital ecosystem: Tracodi (TCD) and BCG Energy (BGE).

However, both stocks are currently subject to trading restrictions on the UPCoM market. Tracodi was previously subject to compulsory delisting from HoSE.

The company's audited 2025 financial statements also received a disclaimer of opinion from its external auditor.

Negative developments surrounding companies in the Bamboo Capital ecosystem began in February 2025, when Nguyễn Hồ Nam, the group's founder and former chairman, was charged by investigating authorities over alleged legal violations. 

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