Phu Quoc Civil Construction fined for bond issuance violation

Phu Quoc Civil Construction Co., Ltd. has been fined 350 million VND by the State Securities Inspectorate for violating bond issuance conditions. The company attempted to issue a 1.5 trillion VND bond lot (code PKC12601) despite failing to meet legal debt-to-equity requirements.

According to audited 2025 financial statements, the company's total liabilities reached 28,458.8 billion VND against equity of 4,235.8 billion VND. Including the proposed bond issuance, the debt-to-equity ratio stood at 7.07 times, exceeding the legal limit of 5 times equity mandated by the amended Law on Enterprises.

This marks the first instance of a company being penalized specifically for attempting to issue bonds while exceeding the prescribed debt-to-equity threshold.