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| Stock of Truong Thanh Furniture falls in 15 consecutive sessions, losing 66 per cent. — Photo viettimes.vn |
HCM CITY (Biz Hub) — The HCM Stock Exchange (HoSE) put the stock of Truong Thanh Furniture (TTF) in the special control list from August 9. After the firm's loss of more than VND1 trillion (US$44.8 million), discovered by auditors in late July, the stock lost more than 66 per cent in value.
From the special control list, TTF shares were permitted only to trade under matching and agreement methods in the afternoon session.
HoSE also replaced TTF with the stock of the Ocean Group Joint Stock Company (OGR) in VNMidcap list or VN100 on the same day.
According to the audited financial statement of Q2, the firm suffered a loss of up to VND1.12 trillion, with its retrospective restatement seriously affecting the business results of the firm.
Ernst and Young auditors found that inventory worth VND980 billion was missing, which added to the cost price of Q2.
Since July 19, TTF has fallen in 15 consecutive sessions, losing 66 per cent. On August 8, each TTF share closed at VND15,000.
The fall of TTF began when Tan Lien Phat Construction Investment Corporation suspended a plan to acquire TTF shares in exchange for a VND1.2-trillion loan, which it had given to TTF after finding serious discrepancies in data provided by furniture firm.— VNS