Cong Thanh Cement Joint Stock Company (Vietnam)

Being established in 2006, Cong Thanh J.S.C. is a member of Cong Thanh Group which is running in many fields including thermal power, concrete, cement and real estate, etc. Cong Thanh J.S.C. engages in manufacturing and trading clinker, cement, lime, and gypsum. Its products are consumed in domestic market and exported to China, Singapore, Hong Kong.As reported, the company was lost continuously in many years. Owner's equity was fully eroded. In addition, it is also continuously fined and owes electricity bills to such an extent that electricity company had to temporarily stop supplying electricity to it. After that, the subject had to ask for help from relevant departments for support and to get power again. In 2021 audited financial statements, PWC (auditor) refused to express an audit opinion and significant doubt on this entity's ability to continue as a going concern based on the factors of accumulated losses in excess of equity and short-term liabilities in excess of short-term assets. In addition, this company had not been able to comply with the plan to pay long-term loans and bonds due with a total amount of VND 921.2 billion for Viet Nam Joint Stock Commercial Bank For Industry And Trade, a short term loan with an amount of VND 300 billion for Sai Gon - Ha Noi Commercial Joint Stock Bank and a total loan interest of VND 267.4 billion for these banks.Formerly, in 2020, the State Securities Commission (SSC) issued a decision on sanctioning administrative violations against Cong Thanh Cement Joint Stock Company with a fine of VND 350 million for not registering for securities trading. In general, the subject's situation seemed extremely risky. Transaction should be proceeded under strict monitoring.