COMA18 (CIG) Fined VND 425 Million for Misusing Private Placement Capital and Concealing Related-Party Transactions

Overview

COMA18 (HOSE: CIG) has been fined a total of VND 425 million by the State Securities Commission for misusing proceeds from its 2025 private placement and for failing to disclose related-party transactions. The Ho Chi Minh Stock Exchange also issued a reminder over the late publication of eight board resolutions from 2024–2025. The penalties raise governance concerns for the construction firm as it attempts to restructure under Videc Group.

Key Facts

• Fine of VND 425 million imposed by the State Securities Commission for administrative violations.
• Misuse of capital from a 2025 private placement: VND 95 billion originally earmarked for the Kim Thành Industrial Park project was redirected to pay contracts, loans, and routine expenses without shareholder or regulator approval.
• The original capital plan, approved by the board on 8 January 2025, allocated VND 95 billion to Kim Thành IP, VND 52.4 billion to repay Tổng Công ty 36, VND 42.2 billion to PVCombank, and VND 5.3 billion in tax arrears.
• Failure to disclose short-term loans to Ifood (60%-owned subsidiary) and loans from insiders during 2024–2025.
• Governance reports omitted details on independent and non-executive board members, and did not record related-party transaction values as required.
• HOSE reminded CIG for publishing eight board resolutions from 2024–2025 only in late August and early September 2026.
• CIG closed at VND 7,170 on 14 September 2026.

What Happened

The State Securities Commission concluded that COMA18 altered the use of proceeds from its 2025 private placement without obtaining approval from the General Meeting of Shareholders or reporting to the regulator. According to the inspection, funds designated for the Kim Thành Industrial Park were instead used to settle contracts, repay loans, and cover other operating expenses. The company was ordered to submit the revised capital plan to the nearest shareholder meeting for ratification.

Separately, HOSE issued a reminder after COMA18 disclosed eight board resolutions from 2024–2025 only in late August and early September 2026. These resolutions concerned internal transactions and changes to the capital use plan. The exchange also noted that the company’s governance reports for 2024–2025 failed to include required information on related-party transactions, independent board members, and non-executive directors.

Market Context

CIG trades on the HOSE exchange and closed at VND 7,170 on 14 September 2026. The stock has been under pressure amid governance concerns and a broader cautious sentiment in Vietnam’s construction and materials sector. The fine and disclosure lapses may weigh on investor confidence, particularly given the company’s ongoing restructuring efforts under Videc Group and its focus on the Kim Thành Industrial Park project.

Strategic Significance

The penalties highlight persistent governance weaknesses at COMA18, which could hinder its ability to attract institutional capital and execute its turnaround strategy. The forced shareholder vote on the capital reallocation introduces uncertainty over the Kim Thành project timeline, a key growth driver. For long-term investors, the company’s ability to improve transparency and comply with disclosure rules will be critical to restoring credibility and supporting any re-rating.

What to Watch

• Date of the next General Meeting of Shareholders and the outcome of the vote on the revised capital use plan.
• Further regulatory actions or additional fines from the State Securities Commission or HOSE.
• Progress updates on the Kim Thành Industrial Park project and any impact from the funding shortfall.
• Quarterly and annual reports for compliance with related-party disclosure requirements.
• Any changes in ownership structure or strategic direction under Videc Group.