By the end of 2021, the total assets of FLC Group amounted to nearly 34,000 billion VND. Possessing a huge amount of assets with a series of urban projects, housing complexes, offices and commercial centers across the country, especially when the current land price has increased dozens of times compared to a few years ago; FLC is definitely a "delicious bait" for those who want to have the opportunity to become a major shareholder.
FLC Group is one of a few businesses owns many real estate
projects across VietNam from resorts, urban areas, housing complexes to offices
and commercial centers such as: FLC Twin Tower, FLC Landmark Tower, FLC Complex
Pham Hung, FLC Garden City, FLC Star Tower, FLC Green Apartment, Bamboo Airways
Tower; FLC Sam Son, FLC Quy Nhon, FLC Nghe An, FLC Quang Binh…
FLC Sam Son eco-resort tourist complex, Thanh Hoa.
In the latest statement right after Mr. Trinh Van Quyet's
arrest, FLC said there are currently about 300 projects "under research,
investment and legal promotion" in 40 provinces.
According to FLC's balance sheet for the fourth quarter of
2021, some of the group's unfinished projects include: Ha Long Project, Quang
Binh Resort Project, Sam Son Phase 2 Project; Binh Dinh project phase 2; Garden
City Dai Mo urban area project; FLC Premier Park Project; Tan Phu Dong Project
(Sa Dec, Dong Thap); Ha Khanh project phase 1 - Ha Long; Ha Khanh project phase
2 - Ha Long; Truong Chinh Kon Tum Project; Center Point Gia Lai project;…
Previously, Owning a fortune is such big projects, but
acquiring FLC is not easy when Mr. Trinh Van Quyet's group has repeatedly
issued hundreds of millions of additional shares, bringing the charter capital
to nearly 12,070 billions dong. Currently, Mr. Quyet is the largest shareholder
owning 215.4 million FLC shares, equivalent to 30.34% of the Group's capital.
But at the present stage, after the negative information was
released, a series of stocks related to Mr. Trinh Van Quyet were sold off and
plummeted in price. Particularly, FLC code fell to the floor price for 4
consecutive sessions, remaining 11,000 dong/share at the end of the session on
March 30, 2022.
On the evening of March 29, the Ministry of Public Security announced about the decision to prosecute a criminal case, prosecute the accused, and the arrest warrant for Mr. Trinh Van Quyet to investigate stock market manipulation.
On April 1, 2022, FLC stock saw a sudden increase in
liquidity with a total matched volume of 59 million units right in the morning
session. At the end of the session, the matching volume reached more than 100
million units and closed at 10,850 dong/share.
Meanwhile, in the two previous trading sessions on March 30
and 31, 2022, FLC stock continuously fell to the floor with the average trading
volume of each session being only 1% of the matched volume on April first. Which
mean the liquidity on April first of FLC shares suddenly increased by 100
times.
Right on the same day, on April 1, FLC Group sent a document
to the Ministry of Finance, the State Securities Commission, the Ho Chi Minh
City Stock Exchange and the Vietnam Securities Depository to request an
immediate suspension of trading of FLC shares and considered canceling all
transactions on April 1 after having the above abnormal signs. FLC proposed to
apply measures to ensure security and safety of the securities market.
According to FLC, the occurrence of many unusual signs
before, during and after the trading session on April 1, 2022 for FLC shares
may seriously affect the operation of FLC Group in particular and the stability
of the stock market in general.
"The continuation of the above abnormal signs will
affect the organizational structure and operations of FLC Group, potentially
causing damage to the Company's shareholders", FLC's document sent to the
authorities stated.
FLC has requested the State Securities Commission and the Ho Chi Minh City Stock Exchange to immediately apply measures to ensure security and safety of the stock market according to the provisions of Article 7 of the Securities Law 2019.
These include but are not limited to the following measures: stop temporarily or suspend trading for FLC codes, check and clarify any abnormal signs in the trading session on April 1, 2022 of FLC shares and consider canceling all transactions made on April 1, 2022 if it violated the law in the securities field.
Many believe that, not excluding the possibility, people will
take the opportunity and buy FLC stock as it is falling sharply. Therefore, FLC
may be concerned about the possibility of being acquired.
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