Hoang Quan Real Estate rejected the request for an extraordinary shareholder meeting

In a document sent to the Ho Chi Minh City Stock Exchange, Mr. Nguyen Thanh Hoai, Deputy General Director of Hoang Quan Consulting – Trading – Real Estate Services Joint Stock Company (HQC), said that there are two reasons why the Council Admin denied this request.

Firstly, the postponement of the annual meeting date and cancellation of the previous list of shareholders is necessary and does not violate shareholder rights.

Second, the group of shareholders and investors that proposed the extraordinary meeting did not provide enough evidence to prove the ownership ratio.

Previously, Hoang Quan’s leadership has postponed the date of the general meeting of shareholders because many members of the management board and organizers were infected with Covid-19. In addition, the number of shareholders increased by 4 times over the same period, exceeding the expected number, so the company postponed the meeting to rearrange the hall to a sufficient capacity.

This decision was later opposed by a group of shareholders holding more than 47 million shares, or 10% of the shares. This group believes that if the company postpones the meeting, it must have proof, or if the epidemic is affected, it can be switched to online meetings.

Previously published annual meeting documents do not have additional personnel reports for the Board of Directors. However, this group of shareholders said that they had worked with Hoang Quan and expressed their intention to put one person on the Board of Directors, Mrs. Nguyen Giang Quyen – General Director of Louis Land Joint Stock Company (BII).

On the stock exchange, Hoang Quan stock (HQC) today closed at 9,010 dong, up 3.6% compared to reference after two consecutive floor drops. The volume changed hands each session ranging from 25-50 million shares, or about 5-10% of the number of listed shares.

Hoang Quan’s shareholder groups are racing to have more voting rights in the general meeting of shareholders. In order for one to be on the Board of Directors will need at least 51% of the shares agreeing. Postponing the annual meeting and canceling the list of shareholders with the right to attend the meeting in the middle of last month can be a way for the old shareholders to invalidate the authorized shares for the new group of shareholders.

Eastern