Saigon Beverages Joint Stock Company (Tribeco) will hold an irregular shareholders meeting on August 24 to dissolve after a long period of consecutive losses.
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The news was made public by Vietnam Securities Depository (VSD).
The company will also vote on issues such as liquidators to deal with assets and liabilities.
VSD has announced Tribeco's ex-rights date to be August 8, however, the company has already requested the cancellation of its listing, TRI, on April 9.
Tribeco, once a very well-known brand in the beverage industry in Vietnam, started to incur big losses after it fell in the hand of Kinh Do and a foreign partner, Uni President, in 2005.
Power was transferred in June, when three senior executives of Kinh Do left the board of directors, giving up their seats to representatives from Uni President at the annual shareholders’ meeting.
Tribeco's revenue in 2011 was VND763.3 billion (USD36.5 million), but they reported a net loss of VND92.45 billion (USD4.4 million). In 2012, the company also posted losses of VND139.5 billion (USD6.7 million), much higher than expected.
By the end of 2012, its accumulated losses amounted to an estimated VND312 billion (USD15 million) and had VND26 billion (USD1.3 million) of negative equity capital.
