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Involuntary delisting on HAG is groundless: experts

by 198 Vietnam News
February 18, 2022
in VIETNAM MANUFACTURE NEWS
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There are not any grounds to impose involuntary delisting on Hoang Anh Gia Lai Group (HAGL), based on specialists.

 

Ho Ngoc Diep, a lawyer at Ho Chi Minh Metropolis Bar Affiliation (HCBA), stated that Article 120 of Decree No.155 was solely relevant to firms whose losses of three consecutive years had been disclosed of their audited monetary statements.

In the meantime, HAGL’s monetary statements initially reported earnings in 2017 and 2018. These earnings had been turned into losses as a result of retrospective software.

Meaning HAGL’s losses had been retrospective losses, which aren’t lined within the decree, thereby rendering it inapplicable.

“The decree doesn’t cowl retrospective losses. Accordingly, Article 120 can’t be cited as a floor to delist HAG shares,” Diep stated.

She additionally famous that the last word purpose of the decree is to safeguard buyers. It might be higher to not delist HAGL to be in step with such a purpose.

“Since HAGL has begun to make earnings, delisting will trigger monetary damages to present shareholders,” defined the lawyer.

Le Thi Hoai Giang, one other lawyer at HCBA, shared the identical view.

Giang stated involuntary delisting on HAGL in 2022 can be financially detrimental to buyers who purchased HAG shares on grounds of its good efficiency in 2021.

She additionally believed it’s groundless to take away HAG shares from HoSE for the reason that firm ran at a revenue final yr.

“If authorities determine to delist HAGL in 2022, its buyers are more likely to problem such a choice,” defined the lawyer.

Dao Tien Phong, one other lawyer at HCBA, stated there was no level in reviewing the losses of 2017-2019 on condition that the corporate operated profitably in 2021.

HAGL’s shareholders have lodged an enchantment to authorities, requesting their shares not be delisted from HoSE.

The shareholders stated that the grounds for involuntary delisting, underneath Article 120, didn’t embody retrospective losses.

Meaning the corporate’s retrospective losses throughout 2017-2019 can’t be used as grounds for penalty.

Additionally they believed the discover of delisting, which solely got here 10 months after the corporate introduced its audited monetary assertion of 2020, was not following due course of.

“Such an surprising discover will deal a monetary blow to present shareholders, notably those that purchased HAG shares after March 2021,” complained the shareholders. 

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