Ho Chi Minh City Stock Exchange has just decided to delist shares of Tan Tao Investment and Industry Joint Stock Company (Tan Tao Company; HoSE: ITA).

Accordingly, all of Tan Tao's 938.4 million ITA shares with a par value of over VND9,384 billion will be delisted on February 4. This stock has been suspended from trading since September 26, 2024.

Regarding the reason for delisting, the Ho Chi Minh City Stock Exchange said that Tan Tao Company seriously violated its obligation to disclose information, which is a case of securities subject to mandatory delisting according to regulations.

Tan Tao Industrial Park.jpg
A corner of Tan Tao Industrial Park, Binh Tan District, Ho Chi Minh City of Tan Tao Company. Photo: ITA

In the announcement on January 17, the Ho Chi Minh City Stock Exchange said that up to now, Tan Tao Company has not yet announced information such as: Audited financial statements (FS) for 2023; Annual report for 2023; Semi-annual audited financial statements for 2024; Decision to open bankruptcy proceedings by the Ho Chi Minh City People's Court.

Although Tan Tao Company has repeatedly requested to postpone the announcement of the above financial information due to force majeure, the State Securities Commission has issued two official letters in response, stating that the company has not provided documents and evidence as a basis for citing force majeure reasons.

Regarding the reason for the delay in disclosing financial information, Tan Tao Company previously explained that in recent months, despite efforts to contact and persuade 30 auditing companies, the company was rejected. These are all auditing companies approved to audit public interest entities in the securities sector in 2023.

Tan Tao Company believes that the main reason is that the State Securities Commission has suspended the auditor who audited the company's financial statements in 2021, 2022 and the semi-annual reviewed financial statements in 2023, causing all auditing units to be concerned when auditing the company.

Currently, Tan Tao Company has a charter capital of VND9,384 billion. The chairwoman of the Board of Directors of this enterprise is Ms. Dang Thi Hoang Yen (also known as Maya Dangelas). ITA shares were listed on the stock exchange in November 2006.

Ms. Dang Thi Hoang Yen's Tan Tao Company owes nearly 127 billion VND in taxes.

Ms. Dang Thi Hoang Yen's Tan Tao Company owes nearly 127 billion VND in taxes.

In addition to being at the top of the list of tax debtors in Binh Tan district, Tan Tao Company's shares are also under scrutiny because of the delay in publishing financial reports.
Ms. Dang Thi Hoang Yen's company did not buy Tan Tao shares before the stop buying and selling order.

Ms. Dang Thi Hoang Yen's company did not buy Tan Tao shares before the stop buying and selling order.

Although registering to buy nearly 6 million ITA shares of Tan Tao Company, the company related to Ms. Dang Thi Hoang Yen did not buy any units. From tomorrow, ITA shares will be suspended from trading.
30 auditing units 'shake their heads' in refusal, Tan Tao shares are suspended from trading

30 auditing units 'shake their heads' in refusal, Tan Tao shares are suspended from trading

ITA shares of Tan Tao Company have just been changed from restricted to suspended trading status due to the delay in disclosing financial information. The company explained that it has not found an auditing unit.