ICF prone to be delisted

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The Ho Chi Minh City Stock Exchange (HOSE) announced that IFC stock of Investment Commerce Fisheries Corporation is on the verge of being delisted due to consecutive losses.

ICF prone to be delisted

IFC was put under supervision since April 2018 as its post-tax profit was minus VND29 billion in 2017 and minus VND32 billion in 2016. The financial statement in 2018 showed that the company’s post-tax profit in 2018 was minus VND3.8 billion and undistributed post-tax profit was minus VND51 billion (US$2.2 million).
The HOSE said in its statement last week that the company’s share could be delisted from the stock market in accordance with the Decree 58/2012/ND-CP issued by the Government on July 20, 2012.
The decree states that a company’s shares will be delisted if that company suffers losses for three consecutive years or its accumulated loss exceeds its charter capital, according to the firm’s latest financial report.
In order to avoid being delisted, the company has to either reduce its accumulated loss, which was reported in the six-month financial report, or increase its charter capital.
In the trading session last weekend, ICF shares were at VND2,100 per share.

By Han Ni – Translated by Thuy Doan

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