The Ho Chi Minh City Stock Exchange (HoSE) has issued a decision to delist shares of FLC Group, with the stock code FLC. According to the decision, all nearly 710 million FLC shares will be officially delisted from February 20, 2023, for severe violations in fulfilling disclosure obligations.
Previously, on September 9, 2022, HoSE decided to transfer FLC shares from restricted trading to suspended trading. According to the HoSE, FLC had continuously violated regulations on information disclosure after being placed in the restricted trading list, in the case of securities being suspended from trading under the provisions of Clause 1, Article 41 of the listing and trading regulations of listed securities.
According to the HoSE, FLC has not held an annual general meeting of shareholders even though it has been more than six months since the end of the fiscal year on December 31, 2021. It has neither published audited financial statements for 2021 nor selected an audit unit for the financial statements for this year. Since then, FLC has not been able to perform these tasks.
At the first extraordinary general meeting of shareholders on the morning of February 5, 2023, FLC was unable to conduct the meeting because it failed to meet the conditions of above 50 percent of the total number of voting shares attending the general meeting of shareholders as prescribed in the Law on Enterprises. With the upcoming second meeting, this ratio must reach at least 33 percent. At the first extraordinary meeting, a representative of FLC said that this group had more than 64,700 shareholders.
FLC has announced the convening of the second extraordinary general meeting of shareholders in 2023, scheduled to take place on the morning of March 4, 2023. The list of attendances will still be the same as the list closed on February 4. The main content of the second extraordinary general meeting of shareholders is the dismissal of Mr. Dang Tat Thang as a member of the Board of Directors and the election of additional members of the Board of Directors for the term 2021-2026.
According to Decree No.155, the company's shares have been delisted but still meet the conditions of a public company that must register for trading on the UPCoM. Thus, after the mandatory delisting on the HoSE, FLC shares are likely to be traded on the UPCoM.
