VNDirect, which goes by the ticker VND on the Ho Chi Minh City Stock Exchange, has failed to make a quorum for its annual general meeting. Just 567 shareholders attended the meeting accounting for less than 50 percent of the votes.
It’s not clear why it failed to make quorum nor when another annual general meeting might be scheduled. That said, it’s also not clear that this is necessarily a big problem, however, it does speak to a bad run for VNDirect which was shut down for a week by hackers back in March. This has seen its share price on a steady decline since, falling from VND 21,278 on March 21 to just VND 17,500 as of today–a decline of just shy of 22 percent.
Of note, VNDirect is among the most heavily traded stocks on the Ho Chi Minh City Stock Exchange among foreign investors. Foreign investors currently hold about 15.32 percent of the shares in the company worth around US$59.5 million.
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