Vietnam's Loc Troi stripped of public company status amid disclosure lapses

Vietnam's State Securities Commission (SSC) announced on Tuesday that it had revoked the public company status of Loc Troi Group JSC (LTG).

As a result, LTG shares will no longer be eligible for trading on centralized trading systems like UPCoM.

The firm will undergo procedures to cancel their securities registration at the Vietnam Securities Depository and Clearing Corporation (VSDC) in accordance with regulations.

The revocation does not affect shareholders' ownership rights.

However, if LTG shares are removed from UPCoM, investors will no longer be able to trade the stock through the centralized market.

The SSC did not specify the reason for the revocation.

Under Vietnam's Securities Law, a company may lose its public company status if it fails to publish audited annual financial statements for two consecutive years.

The latest development follows a series of disclosure violations by Loc Troi.

In July, the SSC fined the agricultural conglomerate VND85 million (US$3,250) for violating information disclosure regulations.

The regulator said the company had delayed the publication of multiple mandatory documents by more than 15 days, including separate and consolidated financial statements for the third and fourth quarters of 2025 and the first quarter of 2026, reviewed semi-annual financial statements for 2025, audited financial statements for 2025, and its 2025 annual report.

Earlier, the Hanoi Stock Exchange suspended trading of LTG shares from June 26 after the company failed to publish its audited 2024 financial statements on time.

Loc Troi said the delay stemmed from a disagreement with Ernst & Young Vietnam (EY) over the timing of issuing its reviewed interim financial statements and audited financial statements for 2024.

The company subsequently terminated its contract with EY and appointed UHY Auditing and Consulting Co., Ltd. (UHY) to complete the outstanding reports.

Loc Troi previously acknowledged that the delays in publishing its financial statements had affected its reputation and fulfillment of information disclosure obligations to shareholders, while also exposing the company to the risk of losing its public company status.

Founded in 1993 as An Giang Plant Protection Company, Loc Troi has grown into one of Vietnam's major agricultural enterprises, with operations spanning crop protection products, seeds, rice, biological products, and agricultural services.