Securities on March 23: Bearing a debt of 5,000 billion, real estate giant Hoang Quan is unstable before the war of rights

Hoang Quan Consulting – Trading – Real Estate Services Joint Stock Company (HQC) has just issued a resolution of the Board of Directors on rescheduling the 2022 Annual General Meeting of Shareholders (AGM) and canceling the list of securities holders at 7. February 2, 2022 with the reason that the epidemic situation is complicated and affected the preparation of the meeting.

Immediately after the information was announced with the document dated March 21, a group of shareholders owning a large percentage of HQC shares gathered signatures to petition the State Securities Commission and the Stock Exchange. Ho Chi Minh City (HOSE) on the decision of the Board of Directors of HQC to postpone the annual General Meeting of Shareholders (expected to be held on March 26, 2022 in Ho Chi Minh City).

This move occurred in the context that HQC stock has increased strongly in the past 6 months, from 3,800 VND/share to around 10,000 VND/share with tens of millions of shares being transferred in each recent trading session.

Initial information shows that a group of shareholders holding more than 10% of HQC’s shares nominates an additional person to the Board of Directors for the 2020-2024 term and this recommendation is added to the meeting agenda for the 2022 Annual General Meeting of Shareholders for consideration and approval.

If HQC moves the AGM, it will invalidate the number of votes authorized for the group of shareholders who want to take part in the management of the company. Meanwhile, the group of shareholders of Chairman Truong Anh Tuan still holds a relatively low percentage to be able to keep control of the company. Mr. Tuan personally holds just over 3.4%.

HQC recently plans to issue debt swap shares of HQC with Mr. Tuan and some individuals up to 218 million shares at 10,000 VND/share and increase HQC’s charter capital from nearly 4.77 thousand billion VND is now over 6.9 trillion VND. The plan will be presented at this AGM.

This could be a way to help Mr. Tuan’s group increase its ownership rate and was given in the context of the market’s external news that a group of shareholders wanted five executive rights with the existing management.

There are signs of a kingly battle at Hoang Quan Real Estate.

According to the financial report, by the end of 2021, Hoang Quan Real Estate owes approximately 5 trillion VND, with most of them being short-term debts, of which the debt to President Truong Anh Tuan is 1,166 billion VND, which is “borrowed money” ”, there is no information of interest payable.

The person to be appointed to the Board of Directors of HQC is Ms. Nguyen Giang Quyen, who has just been appointed General Director of Louis Land (BII) in mid-February.

“Louis family” is a group of related stocks including BII, TGG, AGM, SMT, VKC, APG and most recently TDH and related to the name Do Thanh Nhan. The stocks of this group were close to sudden increase and decrease in price with very large trading volume.

Strongly increased for a dozen sessions, but many Louis stocks had many periods of loss of liquidity and trapped investors.

Recently, there have been many kingship battles in the market such as at Eximbank and Coteccons.

At Eximbank, the situation seems to have stabilized after a decade of disputes when Ms. Luong Thi Cam Tu (1980), a former member of the Board of Directors, was elected to hold the position of Chairman of the Board of Directors of Eximbank for the VII term (2020-2025) in the past. early March 2022 on behalf of Mr. Yasuhiro Saitoh.

Eximbank chose the driver after the major shareholder groups at this bank found a common voice and selected Ms. Luong Thi Cam Tu as the representative for the interests of the parties involved such as: NamABank group, Thanh Cong group, Bamboo Capital, a group of Japanese shareholders SMBC…

The war at Coteccons Construction Joint Stock Company (CTD) also ended at the end of 2020 after the number one giant in the construction industry Nguyen Ba Duong resigned from the position of Chairman of the Board of Directors after 16 years of building a billion-dollar business.

In the previous few years, the long-standing conflicts between foreign and domestic shareholders caused the company to evaporate about 10 trillion dong. The battle reached its climax when even secretive shareholders stepped in. The tension between Coteccons’ management and the group of foreign shareholders Kusto entered an unprecedented period of tension when another major foreign shareholder officially raised the question of removing the leaders of this enterprise.

Find the equilibrium

According to SHS, VN-Index may continue to recover towards the next resistance level around 1,520 points (peak in February 2022). Investors who bought into the support zone of 1,425-1,450 points last week can continue to hold the current portfolio.

Meanwhile, Rong Viet Securities, said that the market started to see closing pressure near 1,510 points, as shown by the narrowing candle range and the increasing matching volume compared to yesterday. With the current profit taking pressure, it is likely that the market will temporarily step back to find a balance point.

Closing the session on March 22, the VN-Index increased by 8.83 points to 1,503.78 points. HNX-Index increased 3,051 points to 461.35 points. Upcom-Index increased 0.62 points to 116.8 points. Liquidity reached 33.7 trillion dong, of which 28.5 trillion dong was on HOSE.

V. Ha