According to the recently published resolution of Ricons Construction Investment Joint Stock Company's annual general meeting, the board of directors failed to secure approval to end the postponement and adjust the listing plan. The proposal received support from only nearly 14.5% of voting shares, while over 69.6% voted against it and nearly 15.9% abstained.

Ricons initially approved the plan to list its shares in 2020. In the 2023 meeting, the board sought approval to amend the company's charter in accordance with the Law on Enterprises 2020 and the Law on Securities 2019 to ensure compliance for the listing application. However, this amendment was rejected by the shareholders.

The meeting also approved a resolution to postpone the listing, following a proposal by a group of shareholders holding over 10% of the charter capital. The postponement period remains undefined, pending "positive market conditions".

Engineers visiting a project constructed by the Ricons ecosystem. Photo: Ricons

Engineers visiting a project constructed by the Ricons ecosystem. Photo: Ricons

In this year's annual meeting documents, the board admitted difficulty in defining "positive market conditions" due to the current economic and stock market volatility. However, they wished to reactivate the listing plan due to changes in regulations.

Under current law, if a company fails to register its shares with the Vietnam Securities Depository (VSD) or list on a stock exchange within one year of receiving confirmation from the State Securities Commission (SSC) or completing a public offering, its public company status will be revoked.

The board planned to list Ricons on the HoSE under the ticker symbol RTD. They intend to submit the share registration application to the VSD this year and list once regulatory requirements are met.

Founded in 2004 by Nguyen Ba Duong, Ricons is a well-known construction, mechanical and electrical contractor, offering design, construction, and investment services. Before Coteccons (CTD) came under the control of Kusto Group, Ricons was part of Duong's ecosystem, frequently collaborating with CTD on major projects. After parting ways with Coteccons in 2020, Duong and his associates shifted their focus to managing Ricons and other brands like Newtecons, BM Windows, Sol E&C, and Boho.

Ricons is currently traded over-the-counter (OTC), meaning its shares are traded off-exchange through issuing companies, banks, or securities firms. The company maintains consistent and timely information disclosure.

Last year, Ricons reported nearly 8,012 billion VND in revenue, a nearly 6% increase compared to 2023. Due to effective cost control, after-tax profit exceeded 158.8 billion VND, surpassing the previous year by over 92% and marking the highest level since 2021.

This year, Ricons targets consolidated revenue of approximately 8,000 billion VND, slightly lower than 2024. However, the parent company's after-tax profit is projected to increase by almost 26% to 200 billion VND. Ricons is currently involved in two major infrastructure projects: Tan Son Nhat Airport's Terminal 3 and Long Thanh International Airport. The leadership plans to further expand into the infrastructure sector, alongside their established strengths in civil and industrial construction.

Tat Dat