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26 companies delisted in first half of 2015
The HCM Stock Exchange (HSX) and the Ha Noi Stock Exchange (HNX) delisted 26 companies, with 438 million shares, in the first six months of this year.
Twenty of these companies were delisted because they had suffered losses for at least three consecutive years recently and their losses had exceeded their capital.
Among these companies, Vitranschart JSC (VST) was delisted on May 8. VST suffered a loss of VND125 billion to VND223.65 billion (US$5.73-10.2 million) between 2012 and 2014. This year, the company has reported a loss of VND109 billion ($5 million) so far.
Huu Lien A Chau Corporation (HLA) was delisted from the HSX on February 12. Last year, the company posted losses of VND656.42 billion ($30 million), which exceeded its capital of VND344.6 billion ($15.8 million).
Recently, HLA posted losses of VND47 billion ($2.15 million) for the second quarter, raising its total losses since last year to VND916 billion ($42 million).
The rest of the delisted companies were voluntarily delisted or obligatorily delisted for delay in publishing their business results.
Three companies - Minh Phu Seafood Corporation JSC (MPC), Ngo Han Wire JSC (NHW) and Saigon Beer Transportation JSC (SBC) – were voluntarily delisted from the HSX.
MPC, with 70 million shares, worth VND7.7 trillion ($353.2 million), was delisted on March 31, while SBC was delisted on February 12 to help the firm adapt to the market conditions and comply with the restructuring policy.
Two of 26 firms, Viet An Fishery JSC (AVF) on HSX and Vinh Sinh Minerals and Mechanics JSC (MAX) on HNX, were delisted as they failed to report their business results on the market.
AVF was delisted on June 9 after the company was warned several times by the HSX over its delay in publishing its audit results for last year.
According to the company's report, AVF suffered a loss of VND892 billion ($4.1 million) last year, turning its charter capital last year to a negative VND368 billion ($1.7 million).
On the HNX, MAX was delisted at the end of June, following the company's negative business results since its listing in 2010. In 2013, MAX suffered a loss of VND10 billion ($458,715).
Most of delisted firms have been listed on the Unlisted Public Company Market (UPCOM) to ensure that the benefits of the shareholders are secure.
For instance, AVF was listed on UPCOM for a starting price of VND1,200 per share on June 18, just seven days after it was delisted from the HSX. VST was listed on the UPCOM by the HNX for VND1,700 per share on June 10.
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