An Gia Real Estate is continuously fined

On the afternoon of January 10, the State Securities Commission (SSC) announced information on administrative sanctions for violations in the field of securities and the securities market against An Gia Real Estate Investment and Development Joint Stock Company (An Gia Real Estate - Stock code AGG).

Accordingly, An Gia Real Estate was fined VND 325 million according to the provisions of Point b, Clause 4, Article 10 of Decree No. 156/2020/ND-CP dated December 31, 2020 of the Government regulating administrative sanctions for violations in the field of securities and the securities market.

Specifically, An Gia Real Estate has changed the capital use plan, the amount of money raised from the public offering of securities but not through the general meeting of shareholders. Accordingly, the company used 200 billion VND out of the total 206.87 billion VND raised from the 2022 offering to sign a Business Cooperation Contract with Western City Company Limited.

In addition, the State Securities Commission also applies remedial measures by requiring approval from the nearest General Meeting of Shareholders on changing the purpose or plan for using the proceeds from the public offering of securities according to regulations.

More than a month earlier, An Gia Real Estate was also fined nearly 400 million VND for repeatedly violating many errors in the field of securities and the stock market. Specifically, the company violated by not disclosing information as required by regulations. Violating transactions with shareholders, business managers and related parties over many years. At the same time, the company also did not sign written contracts with related parties when trading stocks...

AGG stock price closed on January 10 at VND15,050/share, down more than 10% compared to 1 month ago.