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BTC: Binh Trieu decides to keep on trading
The Binh Trieu Construction and Engineering Company announced its decision to continue trading on the Market for Public Unlisted Companies (UPCoM) after the HCM City Stock Exchange announced cancellation of its listing.
On May 12, the HCM City Stock Exchange decided to cancel Binh Trieu's (BTC) listing on the market due to the auditor's refusal to audit the company's 2008 financial report.
The cancellation will be effective on July 1.
Bao Viet Securities will take responsibility for trading BTC on UPCoM as of July 1.
Binh Trieu's chairman Nguyen Thanh Hao said the company would continue to work with its auditor, AA, to clarify any suspect points in the 2008 financial report.
"Based on the clarification, we will make a proposal to the stock exchange to reconsider the cancellation and replace it with a listing on the Ha Noi Securities Trading Centre," Thao said.
"By June 5, we will submit the audited financial report," he said. "But to assure convenience for investors, we are completing the registration for trading shares on UPCoM."
The company has explained that the 2008 financial report has not been audited yet because AA Auditing Company was only hired recently. The auditor did not have enough time to finish the audit before the deadline.
Transactions for BTC will continue until the last 15 minutes of daily session on June 26.
BTC closed yesterday up 4.98 per cent to VND21,100.
Finalise transfers
In related news, the State Securities Commission (SSC) has urged listed firms on the HCM City Stock Exchange, which has less than VND80 billion (US$4.5 million) in charter capital and cannot meet the capital extension, to finalise their transfers to the Ha Noi Securities Trading Centre as soon as possible.
If the listed firms intentionally delay the transfer,
the commission will require the stock exchange to cancel their listings.
Nguyen Thi Hoang Lan, Deputy Director of the Ha Noi Securities Trading Centre, said that it would take only six days for the non-compliant firms to complete the procedures to move their listing.
"The preferential price for these companies on their first listing day will be the average market price during the last five sessions at HOSE," said Lan.
"Investors should not pay much attention to the listings transfers, but should focus on the value of the enterprises, because small businesses have not been weak," she said.
VietNamNet, Viet Nam News
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