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How long will shares be under control?   2009-02-24 - VietNamNet/TBKTVN

Leaders of the companies whose shares have been put under control want to have the supervision removed; however, the HCM City Stock Exchange (HOSE) has told them that the control is needed to protect investors.

 

Claims

 

Investors on the trading floor

Nguyen Thi Mai Thanh, Chairwoman of the Board of Directors of the Refrigeration Engineering Enterprise (REE), has apologised to its shareholders, committing to help the company overcome its difficulties as soon as possible.

 

Thanh has also called on the State Securities Commission (SSC) and HOSE to reconsider the duration of the decision on putting REE under control. The enterprise hopes that the control will be removed when REE reports profit for the first quarter of 2009. Under the decision, REE is under control until the end of 2009.

 

Thanh said that removal from the list of shares under control would help reassure investors who have injected money in REE shares. Moreover, it would also help improve the image of the enterprise in the eyes of partners.

 

Business managers have different ways of understanding the duration of control over the share items of companies that have suffered losses. Do Van Trac, General Director of Sacom, which lost VND67bil in 2008, said that he thought control should be removed if companies showed profit in subsequent periods.

 

“I know the control of share items of companies that had losses in 2008 will last until the end of 2009, and be removed only when audited finance reports show profit. However, I hope that state management agencies will understand the difficulties listed enterprises are facing,” said Vu Thi Thuan, Director of Traphaco.

 

Keeping control to protect investors

 

Representatives of HOSE said that keeping the share items under control is necessary to protect the benefits of investors.

 

“Companies and state management agencies must not ignore their responsibilities to investors,” said Le Hai Tra, a permanent member of HOSE.

 

Under HOSE’s regulations, companies will be freed from the supervision when they resolve all the reasons that led the share items to be put under control in the first place.

 

This means that if the audited finance reports of the companies for this year show profit, the share items of the companies will be free.



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