COMA 18 (CIG) Fined VND 425M for Securities Disclosure Violations

Overview

COMA 18 (CIG), a construction company listed on HOSE, has been fined a total of VND 425 million by the State Securities Commission (SSC) for a series of violations in the securities sector. The penalties relate to failures in information disclosure, incomplete reporting, and unauthorized changes to capital use plans. This action highlights regulatory scrutiny on corporate governance and transparency among Vietnamese listed firms.

Key Facts

• Total fine: VND 425 million imposed by the SSC under Decision No. 438/QĐ-XPHC.
• VND 92.5 million fine for failing to disclose required information, including board resolutions on capital use adjustments and related-party transactions with IFOOD.
• VND 65 million fine for incomplete disclosure in corporate governance reports for 2024 and H1 2025, omitting details on independent and non-executive board members.
• VND 92.5 million fine for not reporting to the SSC on changes to the use of proceeds from a 2025 private placement.
• VND 175 million fine for changing the capital use plan without shareholder or board approval.
• Missing 5 board resolutions in the 2024 annual governance report and 5 in the H1 2025 report.
• Related-party transactions in 2024 and 2025 were not recorded in governance reports.

What Happened

The State Securities Commission issued Decision No. 438/QĐ-XPHC on August 10, 2026, imposing administrative fines on COMA 18 (CIG) for multiple violations in the securities sector. The company failed to disclose on the SSC’s disclosure system and HOSE’s website several board resolutions, including those adjusting the use of proceeds from a private share placement and approving transactions with IFOOD. Additionally, COMA 18 did not fully disclose information in its corporate governance reports for 2024 and H1 2025, omitting details on independent board members and related-party transactions.

Further, the company did not report to the SSC on changes to the capital use plan from a 2025 private placement, as required under Decree 155/2020/NĐ-CP. It also changed the capital use plan without obtaining approval from the general meeting of shareholders or the board of directors, leading to the largest fine of VND 175 million. The violations span 2024 and 2025, indicating a pattern of non-compliance.

Market Context

CIG shares closed at VND 7,170 on August 10, 2026, on HOSE. The company operates in the construction and materials sector, which has been under pressure from slow real estate activity. This regulatory action adds to governance concerns that could affect investor sentiment, though the fine is relatively small compared to the company’s market capitalization. The SSC’s enforcement reflects a broader trend of stricter oversight on disclosure practices across Vietnamese listed companies.

Strategic Significance

For long-term investors, this fine highlights governance risks at COMA 18, which may impact its ability to raise capital or attract institutional investment. The repeated failures in disclosure and reporting suggest weak internal controls and board oversight. This could lead to further regulatory actions or difficulties in executing strategic plans, such as the private placement. Investors should weigh these governance issues against the company’s operational prospects in the construction sector.

What to Watch

• COMA 18’s response and corrective actions to address the SSC’s findings.
• Any subsequent regulatory filings or announcements regarding compliance improvements.
• The company’s next quarterly earnings report for signs of operational impact.
• Whether the SSC imposes additional penalties for continued non-compliance.
• Changes in board composition or management as a result of the violations.