The Ho Chi Minh City Stock Exchange has announced that shares of Văn Điển Fertilizer Joint Stock Company (Ticker: VAF) will be transferred from warning status to control status from March 20, 2025. This decision is based on the auditor’s opinion of an exception regarding the financial statements for the years 2023 and 2024, particularly in connection with the company’s ongoing legal proceedings against HUD 4 Investment and Construction Company to claim compensation for investment costs for the Văn Điển NPK fertilizer manufacturing plant project in Thanh Hóa, totaling nearly 49.51 billion VND. The auditor indicated that the company did not provide sufficient documents to assess the recoverability and related losses of this investment. On March 11, 2025, the company submitted an explanation and corrective measures to alleviate the warning status. Established in 2009, the company has a charter capital of nearly 376.7 billion VND and is 50% owned by the Vietnam Chemicals Group.
Leave a Reply