Delisting nearly 710 million FLC shares

On February 13, the Ho Chi Minh City Stock Exchange (HoSE) announced the delisting of FLC stock code of FLC Group Joint Stock Company. Accordingly, nearly 710 million FLC shares with a par value of VND10,000/share will be delisted. Thus, the value of delisted securities is more than VND7,099 billion.

The decision was signed by Mr. Tran Anh Dao, General Director of HoSE and the effective date of delisting is February 20, 2023.

The reason for delisting is that FLC Group seriously violated its information disclosure obligations and other cases where the Stock Exchange or the State Securities Commission deems it necessary to delist, in order to protect the interests of investors. This situation is a case of securities being compulsorily delisted according to the provisions of Point o, Clause 1, Article 120 of Decree 155/2020/ND-CP dated December 31, 2020.

Previously, HoSE decided to transfer FLC shares from restricted trading to suspended trading from September 9, 2022. According to HoSE, FLC continued to violate information disclosure regulations after being put on restricted trading, falling under the case of securities being suspended from trading according to the provisions of Point C, Clause 1, Article 41 of the Regulations on listing and trading of listed securities.

HoSE said that FLC has not yet held its annual general meeting of shareholders even though it has been more than 6 months since the end of the fiscal year on December 31, 2021, has not yet announced its audited financial statements for 2021, and has not yet selected an auditor for this year's financial statements.

On March 4, FLC plans to hold the second extraordinary general meeting of shareholders in 2023. The main content of this extraordinary meeting is still to approve the dismissal of Mr. Dang Tat Thang from the Board of Directors - who submitted a resignation letter from the position of Vice Chairman of the Group since the end of July 2022 as well as leaving the position of Chairman and General Director of Bamboo Airways. At the same time, at this extraordinary general meeting of shareholders, FLC will also elect new members to the Board of Directors for the 2021-2026 term.

Currently, the FLC Board of Directors for the 2021-2026 term only includes 4 members: Chairman Le Ba Nguyen, Permanent Vice Chairman Bui Hai Huyen, Vice Chairman Doan Huu Doan and Independent Board Member Le Thai Sam.

In a related development, recently, Ms. Tran Thi My Dung - the second and last member of the FLC Group's Internal Audit Department - has submitted a resignation letter for personal reasons. Previously, in early January, FLC received a resignation letter from Mr. Nguyen Manh Cuong from his position in charge of the internal audit department for the same reason. Thus, FLC's internal audit department currently has no personnel.

FLC held its first general meeting of shareholders on February 5, but it failed due to the lack of 50% of voting shares present. In this meeting, Permanent Vice President Bui Hai Huyen was the only company leader present.

According to VTC News