Recorded in the trading session on December 16, QCG shares of Quoc Cuong Gia Lai Joint Stock Company decreased by 6.9% to VND 17,500/share. Investors' psychology of selling strongly, but liquidity is lacking compared to previous sessions when only more than 308 thousand units were transferred, with a surplus at the floor price of more than 4 million units.
Previously, QCG had a series of 4 consecutive ceiling increases despite the general market adjustment. The price was VND18,800/share, the highest in nearly 4 years since the record at the end of 2021 to the beginning of 2022.
The negative developments of QCG shares occurred right after the Investigation Police Agency of the Ministry of Public Security (C03) completed the investigation conclusion and proposed to prosecute the accused Nguyen Thi Nhu Loan, former Chairwoman of the Board of Directors and General Director of Quoc Cuong Gia Lai Company, for the crime of "Violating regulations on management and use of state assets causing loss and waste".
Defendant Loan was identified as causing damage to state assets of more than 542 billion VND; benefiting and being personally liable for more than 297 billion VND. Currently, QCG's shareholder structure records Nguyen Thi Nhu Loan as the largest shareholder holding 101,922,260 shares, equivalent to an ownership ratio of 37.05% of the company's charter capital.
Quoc Cuong Gia Lai Joint Stock Company has also recently announced the Board of Directors' Resolution approving the document to collect shareholders' opinions in writing. Accordingly, the Board of Directors of Quoc Cuong Gia Lai has submitted a document to shareholders on a financial arrangement plan to pay off debts arising from the contract promising to buy and sell the Bac Phuoc Kien Residential Area project with Sunny Island Investment Joint Stock Company - a company related to Ms. Truong My Lan.
Quoc Cuong Gia Lai's financial situation in 2025 is also facing difficulties due to the general developments of the real estate market. The legality of projects has not been resolved and inventory consumption is not as expected.
Therefore, to have money to pay the remaining part, Quoc Cuong Gia Lai proposed transferring contributed capital at subsidiaries and affiliated companies on the condition that the transfer value is not lower than the investment capital price.
Quoc Cuong Gia Lai assessed the payment of the remaining debt as necessary to ensure normal operations, avoiding the enforcement agency from taking enforcement measures, causing property damage.
Previously, Quoc Cuong Gia Lai's Q3/2025 financial report showed that the company had paid a significant amount to Sunny Island Investment Joint Stock Company in respect of the above debt. Accordingly, outstanding loans payable to Phuoc Kien project as of September 30 were VND 1,982 billion, down nearly VND 900 billion compared to VND 2,882 billion recorded at the beginning of the year.
However, along with the reduction in outstanding loans to Sunny Island, the payment to other related parties of Quoc Cuong Gia Lai increased sharply, from 179 billion VND at the beginning of the year to 1,197 billion VND after 9 months. The payables increased sharply, mainly due to QCG increasing loans from relatives in the management family.
In the third quarter of 2025, Quoc Cuong Gia Lai's revenue decreased by 37% to VND111 billion - mainly due to reduced apartment handover. In this quarter, the real estate segment only contributed about VND45 billion - down nearly 60% compared to the third quarter of last year.
In the first 9 months of this year, Quoc Cuong Gia Lai had revenue of VND354 billion (up 46%), pre-tax profit of VND46 billion (more than 4 times the same period and the highest level since 2019). However, this figure is still far from this year's business plan of VND 2,000 billion in revenue and VND 300 billion in pre-tax profit.
As of September 30, Quoc Cuong Gia Lai's total assets were VND 8,700 billion. Cash and bank deposits are 154 billion VND, inventory is 1,170 billion VND, and loans are maintained at about 360 billion VND.
