Tuesday , May 28 2024

Embattled FLC gets green light to list on UPCoM

Property developer FLC, whose 710 million shares have been delisted from the Ho Chi Minh Stock Exchange, has been allowed to list on the Unlisted Public Company Market.

As it meets the criteria for a public company, the listing will take place on Feb. 22, according to the Hanoi Stock Exchange which manages UPCoM.

FLC has charter capital of VND7.01 trillion ($294.3 million).

HoSE announced the delisting of FLC last week due to “violations in fulfilling disclosure obligations.”

The shares had been under trading restrictions since September last year due to the company’s failure to organize the annual general meeting, disclose financial information for 2021 and hire an auditor.

FLC pleaded force majeure for its failures, apologized to shareholders and told them it would strive to list on UPCoM.

It said it is working to fulfill the disclosure requirements.

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