First Vietnam Listed Firm Plans to Cancel Listing
Bach Tuyet Cotton Joint Stock Co (BBT) may cancer its listing on the Hochiminh Stock Exchange, Vietnam’s main bourse, if the plan is approved in its coming unusual shareholders’ meeting January 1.
If approved, BBT will become the fist listed company in the stock market of Vietnam to stop the listing after eight years of operation since 2000.
The cotton producer has made loss for three consecutive years, with a loss of VND15 billion in 2006 and 2007 and another VND9.3 billion during the first nine months of this year.
Earlier, the HOSE had also restricted the trading time of BBT shares on the exchange since late September due to its violation in business information disclosure and loss making.
The company’s state shareholder, Gia Dinh Textile and Garment Co, which holds a 30 per cent stake in BBT, had rejected the firm’s plan to increase registered capital to rescue its business out of the bankruptcy, but failed to offer any more feasible plan.
BBT shares are not traded at VND3,500 each. (Vnexpress)
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