The Ho Chi Minh City Stock Exchange (HoSE) has just informed DRH Holdings Joint Stock Company (DRH) about the possibility of canceling the listing of shares. The reason is that accumulated after-tax profit as of June 2025 recorded a negative profit of more than 131 billion VND.
DRH Holdings has been losing money for the past two and a half years. In 2023, negative after-tax profit will be over VND 103.8 billion and in 2024 the loss will be nearly VND 203.4 billion. In the first half of this year, the company still lost nearly 50.4 billion VND.
According to regulations, enterprises with negative after-tax profits for 3 consecutive years will not be eligible to list on securities. Therefore, if by the end of this year, this enterprise still loses, it will have to leave the HoSE.
Currently, DRH codes are being warned and put under control because negative accumulated profits and audited financial reports for 2023 and 2024 all have received negative opinions. The auditing unit doubted the company's ability to operate continuously in the coming time.
The auditor said that he could not assess the impact of the situation of capital use from the issuance of two bond lots with outstanding loans of about VND 568 billion. Both of these lots have expired to repay principal. They are still late in paying interest of about 195.5 billion VND.
At the same time, the auditing side could not collect appropriate evidence on the reasonableness of loans, business cooperation, investment entrustment as well as could not assess the ability to recover. The auditing company also emphasized the net loss in the first half of the year and overdue tax debts.
In the explanatory document sent to the State Securities Commission (SSC) and HoSE, the board of directors of DRH Holdings said that they are continuing to deploy and develop a business plan to ensure cash flow fully fulfills its obligations to bondholders as well as business activities in the coming time. The company continues to maintain construction activities of the Aurora high-rise apartment project (Vo Van Kiet, Ho Chi Minh City), speed up construction from April to ensure project progress, maintain customer collection according to schedule and hand over the project in the fourth quarter of this year.
Currently, their bond packages have all expired and have been approved by bondholders through a collateral handling plan. Accordingly, the company plans to start implementing procedures to handle the assets, recover the funds to pay bond obligations by KSB shares of Binh Duong Minerals and Construction Joint Stock Company and land use rights in Tang Nhon Phu Ward (HCMC) no later than the end of November this year.
At the same time, DRH Holdings is also transferring a project owned by the company, expected to collect cash to pay principal and interest to bondholders in the last quarter of the year. The company also promised to promptly recover debts due in the fourth quarter of 2025.
Previously, in July 2025, the State Securities Commission also heavily fined this company for many violations in the securities sector. That is the act of not disclosing information that must be disclosed, not reporting changes in capital use plan, the amount of money collected from the stock offering to the public at the nearest General Meeting of Shareholders, violating regulations on transactions with shareholders, using the money collected from the individual stock offering not in accordance with the content of the information announced to investors.
According to research, DRH Holdings, formerly known as Mo Uoc Housing Investment Joint Stock Company, currently owns a portfolio of real estate projects in Ho Chi Minh City and neighboring areas such as: D-Vela Residences (old District 7), Aurora Residences (old District 8), Symbio Garden (old District 9), Central Garden (old Thuan An Town, Binh Duong),...
However, most of these projects are behind schedule and cannot be handed over to customers even though they have been started many years ago.
Currently, Mr. Phan Tan Dat is Chairman of the Board of Directors of DRH Holdings, and also Chairman of the Board of Directors of Binh Duong Minerals and Construction Joint Stock Company (HoSE: KSB).
