Binh Son Refining and Petrochemical Joint Stock Company (stock code: BSR) has just announced that it no longer meets the conditions of a public company according to legal regulations, facing the possibility of having to cancel its public company status if it does not rectify within the prescribed time limit.
According to the document announcing unusual information sent to the State Securities Commission and the Ho Chi Minh City Stock Exchange, dated March 19, 2026, BSR said that the enterprise no longer meets the conditions of a public company.
Based on the list of shareholders entitled to attend the 2026 Annual General Meeting of Shareholders on the last registration date March 11, 2026, prepared by Vietnam Securities Depository and Clearing Corporation, BSR has a total of 56,356 shareholders. However, the proportion of voting shares held by non-large shareholders is only 7.87%.
With this ratio, Binh Son Refining and Petrochemical Joint Stock Company does not meet the conditions of a public company as prescribed in point a, clause 1, Article 32 of the Securities Law No. 54/2019/QH14 (amended and supplemented in point a, clause 11, Article 1 of Law No. 56/2024/QH15). Accordingly, it does not ensure the requirement that at least 10% of voting shares must be held by at least 100 investors who are not major shareholders.
According to the provisions of Clause 2, Article 38 of the Securities Law (amended and supplemented), after one year from the date of no longer meeting the conditions of a public company, if the enterprise still does not meet the conditions as prescribed, the company must submit a dossier for the State Securities Commission to consider canceling the status of a public company.
Therefore, BSR has a one-year deadline to overcome the condition of a public company according to the provisions of law. In the coming time, the company will continue to report to management agencies on problems related to the condition of a public company for equitized enterprises, and at the same time proactively develop capital restructuring plans to meet the conditions according to regulations.
On the stock market, at the end of the March 19 session, BSR shares stopped at 29,300 VND/share, down 4.4% compared to the previous session. The market capitalization of the enterprise reached about 140,000 billion VND. By the morning session of March 20, BSR's market price continued to decrease, at 9:25 am, BSR decreased by 1%, to 29,000 VND/share.
