DNVN - On September 16, the Ho Chi Minh City Stock Exchange (HoSE) issued a notice that ITA shares of Tan Tao Investment and Industry Corporation (Tan Tao) were suspended from trading.
According to HoSE, ITA shares of Tan Tao Investment and Industry Joint Stock Company are currently subject to trading restrictions under Decision No. 414 dated July 9, 2024 because Tan Tao was 45 days late in submitting its audited financial statements for 2023, which are subject to trading restrictions under regulations.
On August 27, 2024, Tan Tao issued Official Letter 260 requesting the State Securities Commission and HoSE to temporarily postpone the disclosure of information on the 2023 audited financial statements, 2023 annual report, and 2024 semi-annual reviewed financial statements due to force majeure.
Previously, in June 2024, the State Securities Commission issued a response letter regarding the temporary suspension of information disclosure by this company.
ITA shares of Tan Tao Investment and Industry Joint Stock Company are subject to trading suspension according to the decision of HoSE issued on September 16, 2024.
On September 4, 2024, HoSE issued Official Letter No. 1368 reminding Tan Tao to delay the announcement of the 2024 semi-annual audited financial statements. Up to now, ITA has not announced the 2024 semi-annual audited financial statements.
Pursuant to the regulations on Listing and Trading of Listed Securities, HoSE announces the transfer of Tan Tao's ITA shares from restricted trading to suspended trading as prescribed.
Meanwhile, Tan Tao said that despite its best efforts to contact and persuade 30 auditing firms, all of these auditing firms refused to audit the 2024 semi-annual report.
According to Tan Tao, the main reason is that the State Securities Commission has suspended the auditing qualifications of 4 auditors who audited Tan Tao's financial statements in 2021, 2022 and the semi-annual audited financial statements in 2023.
"Tan Tao Company is still trying to find and convince auditing companies to conduct the audited financial statements for 2023 and the reviewed semi-annual financial statements for 2024. Whether or not an auditing unit can be found depends on the actions of the State Securities Commission and HoSE to demonstrate their duty to protect the rights and interests of shareholders and investors," the ITA document stated.
Tan Tao's consolidated financial report for the second quarter of 2024 shows that after-tax profit reached VND44 billion - an increase of 84.87% compared to VND23.8 billion recorded in the same period in 2023. According to ITA, this result was mainly due to a decrease in financial expenses and business management expenses.
Meanwhile, gross profit from sales and service provision in the consolidated financial statements for the second quarter of 2024 decreased by 25% compared to the same period. The reason is that the company is still seriously affected by the information of Decision No. 56 on opening bankruptcy proceedings dated January 25, 2018 of the People's Court of Ho Chi Minh City and Decision No. 22 dated April 15, 2022 on appointing a trustee to manage and liquidate assets, leading to banks not lending capital, many investors have stopped negotiating to buy, sell, and lease land and factories.
Currently, ITA has a charter capital of nearly VND9,400 billion, equivalent to more than 938 million outstanding shares. However, ITA's market capitalization is only about VND3,000 billion because ITA's stock price is low.
Thu An
Source: https://doanhnghiepvn.vn/kinh-te/chung-khoan/co-phieu-ita-cua-tan-tao-roi-vao-dien-dinh-chi-giao-dich/20240917094457154
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