FLC shares to be suspended from stock market on Sept. 9

The company has already been sanctioned, and its shares are currently traded only in the afternoon.

On Wednesday, the share closed at VND4,000 (US$0.17), giving FLC a market cap of over VND2.8 trillion.

HoSE said FLC has not held its annual general meeting this year, published its audited financial statements for 2021 or selected an audit firm for 2022.

It has also notified HAI (HAI Agrochem Joint Stock Company), a business related to FLC, about possible of suspension of its shares for the same reasons.

Shares of ROS (FLC Faros Construction Joint Stock Company), another FLC associate, were suspended from trading on August 12 and will be delisted on September 5 due to repeated violation of disclosure regulations.

A company subject to mandatory or voluntary delisting but still qualifying as a public company can trade on UPCoM.

But in the case of ROS, the company is under investigation for raising its capital from VND1.5 billion to VND4.3 trillion, and the Hanoi Stock Exchange is unable to determine its charter capital or number of shares registered for trading, and so registration for trading on UPCoM has to await the conclusion of the investigation.

Former FLC group chairman Trinh Van Quyet and two of his sisters are being investigated for fraud following their earlier arrests for alleged stock market manipulation.