On July 27, 2021, Hoang Anh Gia Lai Agricultural Joint Stock Company (stock code: HNG) sent a document to HOSE to explain the suspension of stock issue at the Company as follows:
According to the resolution of general meeting of shareholders dated June 04, 2021, shareholders allowed Truong Hai Agriculture Joint Stock Company (short name: THAGRICO) to invest 741,446,105 HNG shares by two methods: (i) HNG issues 550,000,000 shares to swap the debt worth VND5,500,000,000,000 at THAGRICO; and (ii) HNG privately issues 191,446,105 shares to THAGRICO to raise capital for debt repayment.
However, on July 02, 2021, HNG received an official document from the State Securities Commission suspending the review of dossier of private placement for debt swap due to the time limit for supplementing the dossier. At the same time, HNG received a document from THAGRICO announcing the suspension of investment of 741,446,105 HNG shares.
On July 13, 2021, the Board of Directors of Hoang Anh Gia Lai Agricultural Joint Stock Company issued Board Resolution No.13/2021 to stop the plan for offering, issuing 741,446,105 HNG shares to THAGRICO. The information was posted on HNG’s website and reported to the State Securities Commission.