VES: VES may be delisted on HOSE

On January 17, 2013, the Hochiminh Stock Exchange received the Quarter 4/2012 financial statements of Meca Vneco Investment and Electricity Construction Joint Stock Company. According to the statements, the Company continued losing in Quarter 4/2012, so it had a loss of VND15.4 billion for the whole year 2012. Therefore, the Company had losses in three consecutive years from 2010 to 2012, based on its audited financial statements for 2010, 2011 and Quarter 4/2012.

Therefore, basing on Point dd, Clause 1, Article 60, Decree 58/2012/ND-CP dated July 20, 2012: “Stock will be delisted in the following cases: Business and production results suffered a loss for three consecutive years, or total accumulated losses exceeded equity in the financial statements of the most recent year prior to the date of consideration.”, the Hochiminh Stock Exchange will consider a mandatory delisting to VES if Meca Vneco Investment and Electricity Construction Joint Stock Company continues suffering a loss after tax in 2012. 

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