APG securities fined 92.5 million VND for failure to disclose bond issuance information; HoSE places APG shares under warning.

APG Securities Joint Stock Company (ticker: APG) has been fined 92.5 million VND by the State Securities Commission (UBCKNN) for failing to disclose information required by law. The regulator said the company did not submit multiple disclosure documents to the Hanoi Stock Exchange (HNX), including reports on the use of funds raised from bond issuances for bonds outstanding that were audited by a qualified auditing firm for 2022 and 2023, as well as reports on the company’s commitments to bondholders for 2022, the first half of 2023, and 2023.

UBCKNN also noted that APG was late in disclosing additional documents, including the completion of the early repurchase of bonds APGH2124001 and the report on the use of funds raised from bond issuances for bonds outstanding audited for 2024.

HoSE places APG shares under warning

Separately, HoSE has decided to place APG shares under warning effective 9 April 2026. The decision was linked to the auditor’s qualified opinion on APG’s 2025 financial statements, which falls under a warning case under point c, Clause 1, Article 40 of the listing and trading regulations.

In the auditor’s opinion, APG reported other receivables from individuals of 319.58 billion VND as of 31 December 2025. The audit report also states that, at the time of issuing the report, the company had not obtained sufficient audit evidence to record impairments. The Chairperson of the Board is identified as directly responsible for contacting relevant parties to address the issue.

Bond investment issues and auditor’s adverse opinion

On bond investments, the company said that in 2025 APG and the bond issuer, GKM, extended the bonds’ maturity. However, at the time of the extension, GKM had not published full collateral information. APG stated that it did not have enough basis to assess credit risk and fair value of the investment, leading the auditor to issue an adverse opinion for this item.

GKM has issued a letter requesting additional collateral and the conversion of the bonds into a fund certificate. APG said it has noted the auditor’s opinion and is evaluating whether the proposed new asset has sufficient economic and legal value to support conversion.

Remedies and next steps

APG said it is completing legal records and confirming receivables with related parties. The company also stated it will review recoverability and record impairments in the next accounting period if necessary.

For the bond investment, APG said it is working with the issuer to obtain full collateral documentation and will reassess the investment, including making provisions if needed.