OGC faces delisting from stock market

Friday, May 22, 2015 07:20

HCM CITY (Biz Hub) — The HCM Stock Exchange (HOSE) on Wednesday decided to list Ocean Group Joint Stock Company (OGC) as a designated security on the stock market from May 27.

This means the company can be delisted from the stock market for failing to meet HOSE's demand.

According to HOSE, OGC had been warned five times for failing to submit its last year's financial report and combined report to HOSE, as required by regulations issued by the Finance Ministry and HOSE.

OGC will organise its annual shareholders' meeting in June. Its total asset last year was valued at VND11.9 trillion (US$553 million) and its pre-tax profit was VND517.6 billion ($24 million).

However, since Ocean Bank, one of its subsidiaries, was acquired by the State Bank of Viet Nam earlier this month, OGC will lose VND971 billion ($45 million) in profit, which was generated by Ocean Bank last year.

OGC is also expected to suffer a pre-tax loss of VND453.3 billion ($21 million). — VNS

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