Vietnamese enterprises lose public company status

public company status revocation Vietnam stock market shareholder concentration securities regulation dividend payments

Several prominent Vietnamese enterprises have had their status as public companies revoked by the State Securities Commission due to failure to meet regulatory requirements.

Saigon Port Joint Stock Company (SGP) failed to meet the minimum requirement of having at least 10% of voting shares held by at least 100 non-major shareholders, with non-major holdings currently at 8.35%. Similarly, DMC - Southern Petrochemical (DMS) fell below the threshold, with non-major shareholders holding only 8.34% of the charter capital.

Golden Gate Group also lost its public status because it had not completed securities registration with the Vietnam Securities Depository and Clearing Corporation (VSDC) or registered its shares for trading on the Ho Chi Minh City Stock Exchange (HoSE). Additionally, Aviation Printing Joint Stock Company (IHK) had its status revoked in April due to insufficient equity.

Amidst these changes, the market observed active dividend distributions, with 20 companies announcing rights to pay dividends this week, including 16 companies paying in cash at rates ranging from 3% to 100%.