On 31/7, Golden Gate Group Joint Stock Company announced it received notification from the State Securities Commission (SSC) regarding the revocation of its public company status. Following this decision, the company will operate as a regular joint stock company, no longer subject to the disclosure and governance obligations applicable to public companies under the Securities Law.

Golden Gate stated the reason for this change: the company had not completed the securities registration procedures with the Vietnam Securities Depository and Clearing Corporation (VSDC). Additionally, it had not registered its shares for trading on the Ho Chi Minh City Stock Exchange (HoSE) as required.

According to management, the delay in these procedures stemmed from a plan to further refine its initial public offering (IPO) strategy. The company aimed to select an opportune moment to optimize enterprise value and shareholder benefits. Golden Gate affirmed that this change in its public company status does not affect its business operations, financial situation, shareholder rights, or commitments to customers, partners, and employees.

Dao The Vinh, General Director of Golden Gate, stated that the company maintains its long-term orientation towards capital market participation. He added that Golden Gate will proceed with its IPO plan when market conditions and development plans align.

Customers dining at a conveyor belt hotpot restaurant in Hue City. Photo: Golden Gate

Golden Gate currently operates an ecosystem of over 600 food and beverage outlets under various brands, including: Gogi House, Kichi-Kichi, Manwah, and The Coffee House. The company had expressed IPO plans multiple times but has yet to announce a specific timeline.

Last year, Golden Gate reported revenue of approximately 7,691 billion dong, an increase of 16% compared to 2024. This growth was primarily driven by food and beverage sales. After-tax profit more than doubled to 213.8 billion dong, reaching its highest level since 2022.

This year, the company aims to boost revenue by 28% to 9,814 billion dong. After-tax profit is expected to increase by 65% to 1,202 billion dong. If achieved, this would be a record figure in its over 20-year operating history. Management estimates after-tax profit to exceed 466 billion dong, double that of last year.

Tat Dat