Steel company plans to switch bourse

Monday, Sep 30, 2019 09:00

Coloured steel products at Dai Thien Loc Corporation in Binh Duong Province. The company is planning to move to the Unlisted Public Company Market from the Ho Chi Minh Stock Exchange. — Photo

Steel producer Dai Thien Loc Corporation plans to cancel its listing on the Ho Chi Minh Stock Exchange (HoSE) and move to the Unlisted Public Company Market (UPCoM).

The plan will be delivered to shareholders for approval after the list of shareholders is finalised on October 18, 2019.

The firm's shares have been on HoSE’s warning list since May 2019 as the company has reported losses since 2018.

In 2018 Dai Thien Loc announced a VND17 billion (US$731,000) loss, which was a big decline from 2017's profit of VND198 billion.

In the first six months of 2019, the company recorded a VND38 billion loss.

According to the firm, the steel market has become more competitive while it is short of good-quality workers, products and funding.

Shares of Dai Thien Loc ended Friday at VND26,000 ($1.12) per share, having lost total 36.3 per cent in the last four months. — VNS

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