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A series of scandals at the social house giant Hoang Quan after “Louis” appeared

(Dan Tri) – Hoang Quan Real Estate Company “floated” after a group of investors gathered to request the election of more people from Louis Holdings to the Board of Directors.

Hoang Quan Consulting – Trading – Real Estate Services Joint Stock Company (stock code: HQC) has just announced a detailed explanation of the reason for postponing the 2022 Annual General Meeting of Shareholders.

The company said that close to the meeting date, consecutively the members of the meeting organizing committee and the company’s leadership had Covid-19. At the same time, the number of shareholders increased fourfold compared to last year. The number of investors registering to attend directly at the meeting also exceeded expectations, thus affecting the organization of the meeting in the complicated situation of the epidemic.

Hoang Quan’s side said that due to the epidemic situation in enterprise complicated, and at the same time it was necessary to re-organize the organization to meet the participation needs of many shareholders, the Board of Directors decided to postpone the annual meeting on March 26 as originally planned, and at the same time could not bring it up. set the exact date for reconvening the meeting.

Hoang Quan’s decision to postpone the organization of the annual general meeting coincides with turbulent developments related to the company’s shareholder structure.

Recently, a group of 42 shareholders holding a total of more than 10% of Hoang Quan’s shares gathered, asking the company to elect additional members of the Board of Directors. The nominee is Ms. Nguyen Giang Quyen, General Director of Louis Land (stock code: BII), a member company of Louis Holdings, an enterprise associated with Mr. Do Thanh Nhan.

Last year, Louis Holdings acquired a series of businesses on the exchange stock and attracted the attention of investors when a series of “Louis” stock codes increased hotly, and fell deeply by tens to hundreds of percent. Recently, Louis Holdings has just been administratively sanctioned by the State Securities Commission of more than 160 million dong and suspended from trading for 2 months for trading “undercover”.

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Mr. Do Thanh Nhan, the man behind a series of businesses surnamed Louis (Photo: TGG).

In the list of shareholders to nominate Ms. Quyen to the Board of Directors, there are also many names related to the ecology of Louis Holdings such as Lam Dong Pharmaceutical companies (Ladophar) and APG Securities.

Responding to the petition of the above group of shareholders, the representative of Hoang Quan said that the document did not have a full signature and seal for the investor who is a legal entity, so it cannot be recognized. This enterprise requires the group of shareholders to amend and supplement the document in accordance with the provisions of the law.

Hoang Quan is known as one of the leading enterprises in the market social housing in the South. However, in recent years, Hoang Quan’s profit has been very modest when the social housing market has faced difficulties. In the last two years, the company’s profit after tax was only VND 10 billion and VND 4 billion, respectively.

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Chart: Viet Duc.

Along with poor business results, HQC’s share price from 2017 to September 2021 did not exceed 5,000 VND. Even at the end of 2019, the market price of this stock fell below 1,000 VND.

However, HQC’s stock started floating in the fourth quarter of last year. Currently, the market price of HQC has exceeded the par value of 10,000 VND. Along with that, this stock is also among the most actively traded group on HoSE. In the last 2 weeks, on average, nearly 28 million HQC shares matched orders per session.

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Market price of HQC stock in the past year.

Currently, Hoang Quan has only one major shareholder, individual investor Le Van Loi, who owns 6.5% of the shares. Mr. Loi has only become a major shareholder of the company since August 2021.

Meanwhile, the company’s Chairman, Mr. Truong Anh Tuan and his family members only own more than 8% of Hoang Quan’s shares. However, Mr. Tuan’s family holds 4/7 seats, accounting for an oversold percentage in the Board of Directors.

Notably, Mr. Tuan is lending Hoang Quan a large amount of nearly 1,200 billion VND. The company’s Board of Directors is planning to submit to the general meeting of shareholders to issue more than 87 million shares to Mr. Tuan himself to exchange more than 870 billion dong of outstanding debt into shares. If this plan is approved, Mr. Tuan’s share ownership rate in the company will increase significantly.

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