Toyo Ventures’ shares plunge 25% amid news report of Vietnamese contract termination

KUALA LUMPUR (July 4): Shares of Toyo Ventures Holdings Bhd (KL:TOYOVEN) plunged to its lowest in over one month on Thursday, following a news report of the termination of the Song Hau 2 thermal power plant project by the Vietnamese government.

Toyo fell as much as 25% or 35 sen to RM1.03, its lowest since May 23, 2024. The stock was trading at RM1.07 at 11am, valuing the company at RM141 million on Bursa Malaysia. More than 6.8 million shares changed hands so far.

Dau Tu, the Vietnamese-language business newspaper of the Vietnam’s Ministry of Planning and Investment, reported that the build-operate-transfer contract for the power plant has been terminated for failing to meet the deadline for a financial close.

Citing a document issued on July 1, 2024 by Vietnam’s Ministry of Industry and Trade, Dau Tu reported that Toyo’s subsidiary Song Hau 2 Power Company Ltd was notified of the failure to comply with one of the clauses of the contract.

Toyo Ventures did not respond to request for comment sent to email listed on its company website. 

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