The Ho Chi Minh City Stock Exchange (HoSE) on Wednesday issued a decision to suspend the trading of shares belonging to FLC Group, with the stock code of FLC, from September 9 due to repeated violations.

HoSE stated that the property group had continued to violate regulations on information disclosure even after having its shares classified as restricted.

FLC share trading will thus be suspended starting September 9 in accordance with regulations on the listing and trading of securities.

HoSE added that FLC has yet to organize an annual general meeting despite the fiscal year having ended over six months ago on December 31, 2021.

The group also did not publish an audited financial statement for 2021 and has not chosen an audit firm for this year's financial statement.

In order to ensure the legitimate interests of shareholders and stock investors, HoSE had already suggested that FLC submit a document prior to August 19 to detail its plans on holding the 2022 annual general meeting as well as the selection of an audit unit for 2021 and 2022.

HoSE’s latest decision did not come as a surprise to investors as the stock exchange previously announced in mid-August that it was considering the suspension.

FLC was also put on the warning list from July 11.

On Tuesday, the Vietnam Securities Depository (VSD) announced the transfer of registration and depository data of nearly 567.6 million ROS shares of FLC Faros JSC, a related enterprise of FLC, to UpCoM, the market for unlisted public firms, after the stock was delisted on HoSE.

All stocks in the FLC family have kept plunging since its former chairman Trinh Van Quyet was arrested on charges of manipulating the stock market and concealing information in securities transactions in late March.

FLC stood at VND4,000 (US$0.17) per share at the close of the trading session on Wednesday.

Earlier in January, the unauthorized sale of a large volume of FLC shares by Quyet gave a shock to local investors.

After several consecutive rising sessions, the 47-year-old tycoon sold 74.8 million FLC shares on January 10 without announcing his planned transactions in advance as promulgated by law.

On January 18, the State Securities Commission of Vietnam (SSC) announced it had fined Quyet VND1.5 billion ($50,000) and suspended him from securities trading for five months.

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!