Song Da NO12 Joint Stock Company faced severe financial difficulties and accumulated losses

Song Da NO12 Joint Stock Company (S12) announced a delay in its 2011 dividend payment for the tenth time, pushing it to June 30, 2028, due to uncompleted business restructuring and difficulties in collecting receivables. The company's auditor, A&C Auditing and Consulting Co., Ltd., issued a disclaimer on S12's 2024 financial report, highlighting a over VND 4.5 billion provision for investment in Song Da 12 Nguyen Loc Joint Stock Company, with which S12 had lost contact. The auditor also noted almost VND 35 billion in unconfirmed payables from previous years, leading to concerns about potential lawsuits from suppliers. Furthermore, S12 faced an accumulated loss of over VND 233 billion and negative equity exceeding VND 167 billion by the end of 2024, raising doubts about its continuous operation.

Song Da NO12 Joint Stock Company (S12) announced a delay in its 2011 dividend payment for the tenth time, pushing it to June 30, 2028, due to uncompleted business restructuring and difficulties in collecting receivables. The company's auditor, A&C Auditing and Consulting Co., Ltd., issued a disclaimer on S12's 2024 financial report, highlighting a over VND 4.5 billion provision for investment in Song Da 12 Nguyen Loc Joint Stock Company, with which S12 had lost contact. The auditor also noted almost VND 35 billion in unconfirmed payables from previous years, leading to concerns about potential lawsuits from suppliers. Furthermore, S12 faced an accumulated loss of over VND 233 billion and negative equity exceeding VND 167 billion by the end of 2024, raising doubts about its continuous operation.

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