On May 21, LDG Investment Joint Stock Company (stock code LDG: HOSE) held the 2nd Annual General Meeting of Shareholders in 2026 but was unsuccessful when it recorded that representing 15.12% of the total number of voting shares attended, not meeting the minimum conditions for organization.
Previously, on April 23, LDG held the 2026 Annual General Meeting of Shareholders, but only 200 shareholders participated, equivalent to more than 33.55 million shares, only reaching more than 13% of the total number of voting shares participating. Based on Clause 1, Article 18 of LDG's Charter, the meeting was not eligible to be held.
As a business with a dispersed list of shareholders, this is the 5th consecutive year that LDG has to hold the 3rd Annual General Meeting of Shareholders.
The Q1/2026 financial report of LDG Investment Joint Stock Company shows that this real estate business headquartered in Dong Nai continues to face great pressure on cash flow. Accordingly, the amount of cash is almost exhausted when it is only 4.97 billion VND at the end of March 2026. While at the beginning of the year, this amount is still more than 1,600 billion VND.
The main reason for the sharp decrease is that the deposit with a term of less than 3 months worth more than 1,560 billion VND under the deposit contract signed on February 13, 2026 was frozen by Military Commercial Joint Stock Bank (MB) to fulfill the company's obligations.
Not only was a large deposit at MB frozen, LDG also recorded many overdue loans at some other banks such as VPBank and Sacombank.
Specifically, the financial statement explanation shows that as of March 31, 2026, the total value of loans and overdue loan interest of the enterprise has reached 850 billion VND.
Among them, the largest overdue debt belongs to Sacombank, with a total outstanding principal and interest of more than 431 billion VND. Next is a loan at VPBank of more than 211 billion VND, including principal, interest and bond lot LDGH2123002 with an outstanding debt of more than 207 billion VND.
The reason for not paying the loans, according to LDG, is due to financial difficulties in previous years. The enterprise affirmed that it is arranging assets and funds for payment.
In the list of creditors, there is also bond lot LDGH2123002 with overdue principal balance of more than 186.4 billion VND. This is a bond lot with an initial issuance value of 400 billion VND and has expired since December 2023 but has not been completely resolved to date.
Regarding the business situation, LDG's financial statements attracted attention with negative revenue in Q1/2026 of nearly 10 billion VND. The company did not generate new sales revenue, while it had to account for revenue deductions due to returned goods sold, so the above situation appeared. Previously, the business recorded negative revenue many times, at times up to 130 billion VND.
Conversely, financial revenue in Q1/2026 increased sharply to VND 22 billion, nearly 30 times higher than the same period last year, from deposit interest and loans. However, financial expenses were also at VND 27.6 billion; including more than VND 10 billion in loan interest expenses. As a result, LDG had a net loss of nearly VND 16.3 billion, much less positive than the positive profit of VND 12.3 billion in the same period.
As of the end of Q1/2026, LDG's inventory increased sharply to nearly 1,322 billion VND, 52.7% higher than the beginning of the year. In which, the Tan Thinh residential area project accounted for about 527.5 billion VND. In addition, the Block C1 Apartment Project in Binh Nguyen New Urban Area (Dong Hoa Ward, Ho Chi Minh City) also appeared in the inventory list with a value of nearly 452 billion VND.
Not only large inventories, many long-term projects of LDG are also "embedding capital" of hundreds of billions of VND. The Vo Van Kiet Avenue apartment project alone has more than 168 billion VND outstanding, while the project on An Duong Vuong street recorded more than 90 billion VND of unfinished costs.
Closing the trading session on May 22, LDG shares are at a price of VND 3,020/share.
