An Giang Import-Export Joint Stock Company (Angimex, stock code: AGM) has reported a major financial development, revealing that its bank accounts have been frozen following a request from the local civil judgment enforcement agency.

The frozen accounts are held at three banks: VietinBank An Giang Branch, BIDV An Giang Branch, and Vietcombank An Giang Branch. The order to freeze the accounts came from the Long Xuyen City Civil Judgment Enforcement Agency in An Giang Province.

This announcement comes shortly after the Ho Chi Minh City Stock Exchange (HoSE) disclosed its decision to forcibly delist Angimex’s AGM shares.

On March 28, HoSE received Angimex’s audited financial report for 2024, which recorded an accumulated loss of more than 425.7 billion VND (approx. USD 17.2 million), significantly exceeding its charter capital of 182 billion VND (approx. USD 7.3 million). The company's equity has also plunged to a negative 243.8 billion VND (approx. USD 9.9 million). Based on this financial situation, HoSE proceeded with a compulsory delisting of AGM shares, in accordance with current regulations.

Angimex is headquartered at No.1 Ngo Gia Tu Street, My Long Ward, Long Xuyen City, An Giang Province. The company’s core business involves rice production, processing, and trade - ranging from direct exports to domestic sales and export logistics. It also operates in the motorcycle and motorcycle parts sector.

Angimex has long been one of Vietnam’s leading rice exporters, achieving annual revenues of over 2 trillion VND (approx. USD 81 million) during the 2017–2021 period, peaking at 3.9 trillion VND (approx. USD 158 million) in 2021. However, since 2022, the company’s operations have seen a sharp decline.

At the close of trading on April 8, AGM shares dropped to 2,110 VND (approx. USD 0.085) per share.

Hanh Nguyen