The Ho Chi Minh City Stock Exchange (HoSE) placed Bamboo Capital Group Joint Stock Company's BCG stock under warning on 22/9. This action was taken because the company failed to submit its reviewed semi-annual financial report within the stipulated 15-day deadline.
Previously, in late May, trading of BCG stock was restricted due to the company's failure to submit its audited 2024 financial report within 45 days of the deadline. In early July, HoSE issued another warning to the company for not holding its annual general meeting.
Under the new KRX system regulations, stocks facing trading restrictions are subject to multiple periodic order matching sessions, each lasting 15 minutes. These stocks are also prohibited from being traded through agreements or in odd lots.
In an explanatory document submitted to the State Securities Commission (SSC) in August, Bamboo Capital's management explained that its subsidiaries and affiliated companies were still finalizing their audited 2024 and Q1/2025 financial reports. Additionally, BCG is working with relevant parties to resolve bond-related issues and manage debt, which are crucial for completing the financial reports. Consequently, the company was unable to release its Q2 financial report on time.
Similarly, TCD stock of Tracodi Construction Corporation (a subsidiary of Bamboo Capital) has also been placed under warning. Tracodi stated that it is focusing on completing its 2024 audited financial report, but personnel changes have prevented the completion of its Q1 and Q2/2025 financial reports.
Along with these reporting violations, Bamboo Capital has experienced significant management changes. In March, the company announced Tan Bo Quan Andy as the new Chairman of the Board of Directors, replacing the late Kou Kok Yiow. At the same time, two other board members resigned for personal reasons and to pursue other opportunities.
Even more notable is the turnover in the General Director position, with the company having four different leaders in just six months. Initially, the position was held by Nguyen Tung Lam. At the end of February, Lam resigned "to focus on a new assignment." Ho Viet Thuy was then appointed as part of BCG's move to empower younger leadership. However, by May, Thuy also resigned to pursue a "new role."
Pham Huu Quoc was subsequently appointed, with the expectation of "strengthening the operating system, consolidating the financial structure, optimizing resources, and effectively exploiting the group's core business areas." At the end of August, Quoc resigned, and Ng Wee Siong Leonard, a foreign national, took over.
Founded in 2011, Bamboo Capital is a multi-sector conglomerate operating in real estate, construction, infrastructure, and renewable energy. Through BCG Energy, the group has several wind and solar power projects in Tay Ninh, Gia Lai, Ca Mau, Vinh Long, and other provinces.
In real estate, BCG Land is an investor in various resort projects in Hoi An, Quy Nhon, and elsewhere. The group also owns subsidiaries in transportation (Tracodi), pharmaceuticals (Tipharco), and insurance (AAA).
According to its Q4/2024 consolidated financial statement, Bamboo Capital reported revenue of over 4,370 billion VND, a profit after tax of 845 billion VND, and total assets exceeding 46,520 billion VND. This is the most recent financial data released by the company.
BCG stock is currently trading around 3,600 VND per share, recovering about 24% from its price range in April-June. Despite trading restrictions, the stock has recently experienced some ceiling-hitting gains.
Tat Dat
