As mentioned, after 3 consecutive years of losses, RIC of Hoang Gia International Joint Stock Company was delisted in April 2022, according to point e, Clause 1, Article 120, Decree No. 155 (December 31, 2020) regulations on shares of public companies being delisted.
After that, RIC went down to trade at UPCOM since May 26.
Few people know, before being delisted for nearly a year, there were discreet movements at RIC with the appearance of a leadership team with many connections to a private corporation operating in many industries.
Accordingly, in just 2 months (September 2021 – November 2021), RIC successfully held 2 extraordinary General Meetings of Shareholders and “changed blood” almost the entire leadership team.
Specifically, RIC shareholders at 2 extraordinary General Meetings of Shareholders dismissed 4 members of the Board of Directors with Ms. Ngo Thu Mat (Wu Chiu Mi), Ms. Dao Ngoc Hoa, Mr. Juan Chi Fa and Ms. Juan Cheng Chih. At the same time, additionally elected 4 members of the Board of Directors for the term 2021-2025, including: Mr. Lin, Yi Huang; Ms. Nguyen Khoa Hoang Anh; Ms. Nguyen Mai Phuong; and Ms. Tran Gia Ngoc Phuong.
According to research, all four new senior personnel are natural persons related to the above Group.
Royal Ha Long Hotel. Photo: RIC.
In February 2022, RIC’s Board of Directors approved the policy of borrowing capital with a maximum limit of VND 200 billion, with a term of 36 months, to actively finance production and business activities and implement the company’s projects.
Before the big change in the Board of Directors, the shareholder structure of RIC also fluctuated last year, when Khai Tiep International Investment Co., Ltd. transferred 52.49% of RIC’s shares to its subsidiary – Co. Khai Viet Investment Co., Ltd. Notably, all the petitions to elect the four senior personnel mentioned above were approved with a rate of more than 99%.
Loss 3 years in a row, what does RIC have?
The audited financial statements in 2021 recorded RIC’s revenue of USD 3.2 million (VND 74.8 billion), down more than 40% compared to 2020; after-tax loss of USD 4.4 million (VND 102.5 billion), an increase of 25.7% compared to the loss in 2020.
Deloitte Vietnam Co., Ltd emphasized that RIC’s business activities from April 2022 were affected by the COVID-19 pandemic, leading to a loss after income tax in 2021 of VND 102.5 billion, so the accumulated loss The company’s plan as of December 31, 2021 is VND 412 billion.
In addition, short-term debt exceeded short-term assets by 142 billion dong. In addition, the company’s operations are dependent on cash flow from operating activities and borrowings while the evolution of the COVID-19 epidemic is unpredictable and loans depend on continuing to be financed. credit from commercial banks. The above conditions cast doubt on the company’s ability to continue as a going concern.
For 2022, RIC targets total revenue of $6,323 million, up 93% year-on-year, and a loss after tax of $1.58 million, down 65% from a loss of $4.48 million in 2020.
According to data, the situation of RIC continuously declined in the period of 2018 – 2021.
Forced delisting is almost inevitable. Previously, this stock was also subject to control from April 8, 2020.
RIC is known as the investor of Royal Hotel and Villa (Ha Long City); Royal Casino includes 4 types of games and 70 slot machines.
In 2022, RIC said that the project of 1.47ha will be deployed in front of the Royal Hotel, the planning has been approved, the purpose of building a tower building, 5-star standard, is preparing design documents; project of 6.9ha Lapic Hill to the west of the hotel for the purpose of building a 5-star hotel, high-class apartment complex and complex service area, is currently conducting legal procedures to apply for a license for this project; and adjusted the planning of the villa area, promoting investment in building a high-class villa area on an area of about 2.1 hectares to the east of the villa area.
Source: Vietnam Insider