Ho Chi Minh Stock Exchange to delist Bamboo Capital shares due to compliance issues

Prior to the mandatory delisting, the company had been forced to suspend trading its shares on the HoSE from October 9, 2025.

At the time, BCG shares closed at VND2,530 (US$0.1) per share, a steep drop from over VND20,000 ($0.8) just a few years ago.

Company response

In a letter to shareholders, Bamboo Capital CEO Ng Wee Siong Leonard admitted the delisting directly impacts shareholders’ interests and confidence.

“The board of directors and management sincerely apologize to shareholders for the inconvenience and consequences caused,” he wrote.

Bamboo Capital stressed that compulsory delisting does not mean the company ceases operations.

The measure is a regulatory sanction for failing to meet disclosure obligations, but the firm’s legal status remains intact.

Shareholders’ ownership rights are still protected under Vietnam’s Enterprise Law and other relevant regulations.

Reasons behind delay

Regarding the reasons why Bamboo Capital failed to complete audited financial statements, Leonard said the company had faced multiple challenges, including leadership and a finance staff shake-up.

The transfer and reconciliation of a large volume of financial records from previous reporting periods had taken longer than expected.

The company is also undergoing a restructuring process, particularly involving bond obligations and debt restructuring.

Bamboo Capital said these circumstances required its independent auditor to carry out more extensive review procedures to ensure the accuracy and reliability of its financial statements.

In addition, some audit files tied to a criminal investigation involving Bamboo Capital prevented both the company and its auditor from accessing all necessary records.

Next steps

Bamboo Capital said it is working with authorities on matters related to its public company status and the next steps for its BCG shares.

However, no timeline has been set.

The company pledged to complete outstanding financial reports and correct disclosure violations, as well as to promptly update shareholders once official decisions or guidance is issued.

Headquartered in Ho Chi Minh City, Bamboo Capital operates in renewable energy, real estate, infrastructure, manufacturing, and financial services.

In February last year, investigators initiated criminal proceedings against its founder and former chairman Nguyen Ho Nam, leading to a prolonged decline in BCG’s stock price.

In October the same year, the HoSE placed the trading suspension on BCG shares due to non-compliance with filing requirements.