The Ho Chi Minh City Stock Exchange (HoSE) announced on Tuesday that nearly 710 million shares of local real estate firm FLC Group, with the stock code of FLC, will be delisted next Monday.

The southern Vietnamese bourse made the decision to protect investors’ benefits following the firm’s serious violations of information disclosure.

At its extraordinary meeting early this year, FLC Group said it had more than 64,700 stakeholders.

After being delisted from HoSE, FLC shares may be traded on the Unlisted Public Company Market (UPCoM).

Earlier, HoSE suspended the trade of FLC shares from September last year.

To date, the firm has yet to issue its 2021 audited financial report and reviewed interim financial statement of 2022 as it has neither sought an audit unit nor held the 2022 shareholders’ meeting.

After former FLC chairman Trinh Van Quyet was arrested for alleged stock manipulation, subsidiaries of the group have been struggling.

Many stocks of the FLC family have also faced sanctions.

In particular, ROS shares of FLC Faros JSC were delisted from HoSE, while the trade of HAI shares of HAI Agrochem JSC and ART shares of BOS Securities Corporation was suspended.

In addition, AMD shares of FLC Stone Mining and Investment JSC were put under special supervision.

Furthermore, GAB of FLC Mining Investment & Asset Management JSC and KLF of CFS Investment and Import Export Trading JSC were restricted from trading.

Except for GAB, other stocks in the FLC family have kept plunging by 80-90 percent from their record prices set early last year to hover around VND900-3,600 (US$0.04-0.15) each.

FLC stood at VND3,570 ($0.15) per share at the close of the trading session on Tuesday.

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