The Ho Chi Minh Stock Exchange (HoSE) said that it had received a document from Phu Hung Securities Corporation (PHS) to withdraw its application for listing registration.

The securities firm explained that the withdrawal was due to unfavourable conditions of the stock market for the listing and the interests of shareholders.

HoSE, therefore, will stop reviewing the listing documents of the securities. If the company resubmits the application, HoSE will review it from the beginning.

In the document for the upcoming 2023 General Meeting of Shareholders, the Board of Directors of Phu Hung Securities said that 2022 was not the right time to implement the plan to increase charter capital by private placement, as well as the plan to list PHS shares to the public in HoSE.

The Board of Directors proposed to cancel the listing on HoSE and then re-evaluate if market conditions improve.

On November 8, 2022, HoSE received the application for listing 150 million PHS shares of Phu Hung Securities Corporation, equivalent to a charter capital of more than VND1.5 trillion (US$64 million).

Phu Hung Securities, formerly Au Lac Securities Joint Stock Company, was established in December 2006 with an initial charter capital of more than VND22 billion.

In 2009, the company changed its name to Phu Hung Securities. In 2016, it completed the merger with An Thanh Securities (ATSC), with a charter capital of VND202.5 billion.

The company also sped up the capital increase process, from more than VND202 billion in 2016 to over VND1.5 trillion.

Last year, the securities firm’s total revenue reached more than VND594 billion, up 17 per cent on-year, but its profit after tax fell sharply by 57 per cent over the same period to VND60 billion.

In 2023, Phu Hung Securities targets a total revenue of VND788 billion and a profit after tax of VND116 billion, up 33 per cent and 93 per cent over 2022, respectively.

Currently, PHS shares are trading on UPCoM. It closed Thursday at VND13,000 per share, down 1.52 per cent. — VNS