Vietnam Bourse to Control Loss-making Tribeco's Performance
The Ho Chi Minh Stock Exchange (HOSE) announced that it would monitor the performance of Saigon Beverage Joint Stock Company (Tribeco – coded TRI) from February 3 due to its big losses in 2008.
As the end of last year, Tribeco’s made a net loss of VND145 billion (US$8.6 million), doubling its registered capital of VND75.5 billion (US$4.5 million), the exchange said.
The company, meanwhile, still posted a profit of VND505 billion on revenues of VND419.8 billion in the first nine months of last year.
Citigroup, one of Tribeco’s big shareholders which held a 10 per cent stake in the firm, had tried to cut down its ownership in TRI to 2.94 per cent for four consecutive months since September.
This is the second time a listed firm has been put under the control. Earlier, Bach Tuyet Cotton Joint Stock Co. (BBT) was also restricted from trading on the local exchange after it posted big losses in 2006 and 2007.
So far, up to 50 firms have extended deadlines for Q4 earning reports last year, and many out of nearly 130 listed companies which announced earning reports made losses, the Labor newspaper reported.
Vietnamese
