Sunday , June 23 2024

FLC appeals to stock authorities to reconsider delisting decision

Property developer FLC has pleaded force majeure for its failure to meet disclosure requirements and asked for its shares to be relisted on the Ho Chi Minh Stock Exchange.

It told the country’s main bourse that it has been facing challenges and risks since its key leaders were arrested for alleged stock manipulation in March last year.

“One of the consequences of the arrest was that FLC was not able to find an auditor for a long time.”

On Sep. 20 last year it finally signed a contract with auditing firm UHY for auditing its 2021 accounts, but claimed it has yet to receive them back.

“We urgently ask that management authorities reconsider the delisting of our shares,” it said, adding that it was trying to speed up the disclosure process.

HoSE said Tuesday that FLC’s shares would be delisted on Feb. 20. They were placed under trading restrictions since September last year for FLC’s failure to convene the annual general meeting, disclose financial information for 2021 and hire an auditor.

Their price has stayed at VND3,570 ($0.15) since.

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