The State Securities Commission (SSC) recently announced the cancellation of the public company status of Bamboo Capital Group Joint Stock Company (UPCoM: BCG) and BCG Land Joint Stock Company (UPCoM: BCR) - a subsidiary of BCG, effective from August 5.
According to the SSC, both Bamboo Capital and BCG Land did not fulfill the obligation to disclose information about the audited annual financial statements in 2 consecutive years 2024 and 2025, and did not disclose the resolution of the Annual General Meeting of Shareholders in 2 consecutive years 2025 and 2026. These are cases subject to annulment of the status of a public company as prescribed.
Previously, in July, the Ho Chi Minh City Stock Exchange (HoSE) decided to compulsorily delist more than 880 million BCG shares from July 15. The main reason was that the company had not announced a series of important financial statements, including the audited financial statements for 2024, 2025, the reviewed financial statements for the first half of 2025 as well as the financial statements for recent quarters.
On the market, BCG shares have been suspended from trading since October 2025, the last time stopping at a price of about 2,530 VND/share. At this price, the capitalization of Bamboo Capital is only more than 2,200 billion VND, down more than 89% compared to the historical peak of 22,805 VND/share set in March 2022. Meanwhile, BCR shares have been suspended from trading since June 23 due to slow publication of periodic reports and the failure to hold the Annual General Meeting of Shareholders.
According to BCG Land, the slow issuance of the report is a series of related consequences. Because the company has not completed the audited financial statements for 2024, leading to no basis for the initial balance to prepare financial statements for 2025 and 2026, and a lack of data to complete the 2025 annual report. BCG Land started trading on UPCoM from December 2023 with a floor price of 13,500 VND/share. However, in the most recent trading session, the market price was only 1,000 VND/share.
The difficult situation of businesses in the Bamboo Capital ecosystem appeared after functional agencies announced the decision to prosecute Mr. Nguyen Ho Nam - former Chairman of BCG and Ms. Huynh Thi Kim Tuyen - former Vice Chairman of TCD, at the end of February 2025.
At the Extraordinary General Meeting of Shareholders at the end of 2025, the Board of Directors of Bamboo Capital proposed a deep restructuring plan in the period 2025-2030, expected to lose money for 3 consecutive years before returning to profit from 2028.
In a letter announcing the recent cancellation of the status of a public company, Mr. Tan Bo Quan - Chairman of the Board of Directors of Bamboo Capital and BCG Land - said that the companies have gone through a particularly difficult period, deeply affecting management, financial operations and the implementation of information disclosure obligations. The company has focused resources on handling existing problems, coordinating with auditing units, state management agencies and related parties to complete outstanding obligations. However, objective difficulties and the volume of work to be handled could not be resolved within the legal time limit, leading to the SSC issuing a notice of cancellation of the status of a public company.
However, Chairman of the Board of Directors Tan Bo Quan affirmed that the cancellation of the status of a public company does not mean that the company will cease operations. Bamboo Capital and BCG Land still maintain production and business operations, implement restructuring plans and continue to strive to issue audited financial statements.
Notably, the legal ownership of shareholders in BCG and BCR shares is still guaranteed and unchanged due to the cancellation of the status of a public company.
The Company is also completing procedures for selecting and signing with a unit with the function of managing the number of registered shareholders. After completing the procedures for canceling centralized securities registration at Vietnam Securities Depository and Clearing Corporation (VSDC), this unit will take over the management of the shareholder list instead of VSDC, in order to ensure the rights of shareholders and the update of share ownership information is carried out continuously, fully and in accordance with regulations.
After completing the relevant legal procedures, shareholders can still transfer BCG and BCR shares according to legal regulations. The Company will issue detailed instructions on the process, dossiers and support points when the procedures are completed and there are official instructions from competent authorities.
