The Securities Commission has just canceled Golden Gate’s public status because it has not yet carried out securities registration and stock transaction registration procedures.
On July 31, Golden Gate Group Joint Stock Company said it had received a notice from the State Securities Commission (SSC) about canceling its public company status. After this decision, the enterprise will operate under the regular joint stock company model, without having to carry out information disclosure and management obligations applicable to public enterprises according to the provisions of the Securities Law.
Golden Gate said the reason is that the enterprise has not yet carried out securities registration procedures at the Vietnam Securities Depository and Clearing Corporation (VSDC). At the same time, the company has not registered to trade shares on the Ho Chi Minh City Stock Exchange (HoSE) according to regulations.
According to the board of directors, the failure to implement the above procedures stems from the plan to continue perfecting the initial public offering (IPO) plan and choosing the appropriate time to optimize corporate value as well as shareholder benefits. Golden Gate affirms that changing its status as a public company does not affect its business operations, financial situation, shareholders’ rights as well as commitments to customers, partners and employees.
Mr. Dao The Vinh, General Director of Golden Gate, said that this enterprise still maintains its orientation to participate in the capital market in the long term and will continue to implement the IPO plan when market conditions and development plans are appropriate.
Customers are dining at a conveyor belt hotpot restaurant in Hue City. Photo: Golden Gate
Golden Gate currently operates an ecosystem of more than 600 food stores with many brands such as Gogi House, Kichi-Kichi, Manwah, The Coffee House… This business has repeatedly expressed its IPO plan, but up to now has not announced a specific date.
Last year, Golden Gate recorded revenue of about 7,691 billion VND, an increase of 16% over the year. 2024, mainly thanks to the food and beverage sales segment. Profit after tax more than doubled to 213.8 billion VND, reaching the highest level since 2022.
This year, the company aims to improve revenue by 28% to 9,814 billion VND. Profit after tax is expected to increase by 65% to VND 1,202 billion. If successful, this will be a record number in its more than 20-year history. Meanwhile, profit after tax is estimated by the board of directors to reach more than 466 billion VND, double the previous year.