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HAG: shares continue to trade under supervision of HoSE
Vietnam News - 9/8/2021 5:00:01 PM
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The Hồ Chí Minh Stock Exchange (HoSE) has decided to keep Hoàng Anh Gia Lai JSC (HAG) shares under its control.
 
Accordingly, on August 30, HoSE received Hoàng Anh Gia Lai’s semi-annual reviewed consolidated financial statement for 2021. Of which, profit after tax of the holding company’s shareholders in the first six months of 2021 is VNĐ18.21 billion (US$800,661) and the undistributed profit after tax as of June 30 is negative VNĐ7.37 trillion.
 
Besides the losses, auditors also noted that the company has an accumulated loss of nearly VNĐ7.1 trillion in its consolidated financial statement. 
 
In addition, as of June 30, the company violated a number of commitments under the loan contract. These conditions indicate the existence of uncertainties, raising doubts on Hoàng Anh Gia Lai’s working ability.
 
Therefore, HoSE continues to maintain its supervision over HAG shares and will consider the next course of action after receiving its audited consolidated financial statement in 2021. 
 
Regarding the audit's exception, Hoàng Anh Gia Lai explained that the company has planned for the next 12 months, including the expected cash flow to be generated from a part of financial investments liquidation, debt collection from partners and cash flow generated from ongoing projects, at the date of its financial statements for the first half of 2021.
 
It is also in the process of working with the lenders on correcting the breached terms of the relevant loan agreements. Accordingly, the company can repay the debts when they become due and continue operating in the next accounting period. 
 
Under these conditions, the company’s Board of Directors prepares the interim financial statements on the basis of satisfying the ongoing concerns.
 
Moreover, Hoàng Anh Gia Lai also approved collecting shareholders' opinions on the use of equity surplus to reduce accumulated losses with a total value of nearly VNĐ3.3 trillion.
 
On the stock market, HAG shares traded lower at VNĐ5,100 per share yesterday, down 1.93 per cent. VNS
 
Read original article here
 
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