FLC postpones dividend payment due to HSX shutdown

January 27, 2018 | 15:20

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On January 25, FLC Group JSC (HSX: FLC) announced postponing the final dividend payment for the year 2016 which would have been issued as cash payments or as stocks due to the recent technical halt on the Ho Chi Minh City Stock Exchange.

A technical fault in the January 22 ATC order matching session put the entire HSX trading platform into a coma for 48 hours. This was the first time that the Vietnamese stock market was deactivated.

As a result, FLC postponed the shareholder register for the dividend payment until February 8. The group also announced the ex-rights date of February 1 as well as paying dividends worth 3 per cent of each share to the group’s shareholders on January 13.

FLC postponed its divident payment schedule to February 8

On January 10, the group set up a subsidiary called FLC Industrial Park Development and Management Company Limited with a charter capital of VND100 billion ($4.4 million). The main business of the subsidiary is investment, industrial zones, and real estate.

Likewise, the board of directors of FLC Industrial Park Development Investment and Management Limited established a subsidiary called FLC Jewellery Company Limited with a charter capital of VND100 billion ($4.4 million), 100 per cent contributed by FLC. The subsidiary’s main business was reported to be gold trading and jewellery manufacturing.

After two skipped trading sessions due to the HSX shutdown, FLC closed at VND6,830 ($0.3) per share, with 10.95 million shares successfully transferred.

Addressing the technical halt, the chairman of HSX previously apologised over the unwanted incident, stating the exchange would present its maintenance plan for the trading platform in order to prevent similar technical failures from occuring in the long run.