Tan Tao shares are about to meet a sad ending after being rejected by 30 auditing companies?

The Ho Chi Minh City Stock Exchange (HoSE) has just announced that it will compulsorily delist the shares of ITA of Tan Tao Investment and Industry Joint Stock Company. Previously, this company had sent 8 petitions to HoSE explaining the reason of force majeure.

Ms. Maya Dangelas (formerly known as Dang Thi Hoang Yen), ITA president, at an event - Photo: ITA

In a notice recently sent to Tan Tao Investment and Industry Corporation, HoSE said it would compulsorily delist ITA shares, due to the company's serious violation of information disclosure obligations.

According to HoSE, ITA shares are being monitored for violations because they were late in submitting the audited semi-annual financial report for 2024 more than 30 days after the prescribed deadline.

ITA has also been suspended from trading according to HoSE's decision since September last year, because the company continued to violate regulations on information disclosure on the stock market, after being put on the restricted trading list.

Up to now, Tan Tao has not announced the audited financial report for 2023 (the deadline is the end of March 2024), the annual report for 2023 (the deadline is April 20, 2024), and the decision to open bankruptcy proceedings by the People's Court of Ho Chi Minh City.

The Company has sent documents requesting to postpone the disclosure of audited financial statements and annual reports for 2023, and semi-annual reviewed financial statements for 2024 due to force majeure.

Regarding this issue, the Securities Commission sent official dispatches in June 2024 and October 2024 to the company in response to the postponement of information disclosure, which mentioned ITA's force majeure reasons.

However, the company has yet to provide documentary evidence as a basis for citing force majeure reasons, HoSE said.

"Since the suspension, the company's information disclosure violations have not been resolved and are likely to continue to occur and be prolonged, causing serious violations. This affects shareholders' rights," HoSE emphasized in the announcement.

Therefore, based on the opinions of the Securities Commission and the Vietnam Stock Exchange, HoSE announces the mandatory delisting of ITA shares.

ITA is one of the special enterprises, having sent 8 documents in 2024 requesting HoSE to remove its shares from the warning list but was not approved.

The company said it had tried to persuade 30 auditing firms but was rejected by all of them. This prevented it from issuing audited financial statements for 2023 and the first half of 2024.

Mr. Nguyen Thanh Phong - General Director of Tan Tao - once said that finding auditing companies is very difficult.

ITA's leadership has tried its best to convince auditing companies, but currently no unit dares to audit the enterprise for fear that their auditors will also be suspended from practicing auditing, Mr. Phong revealed.

According to ITA leaders, there have been many documents requesting HoSE and the Securities Commission to support in finding an auditing company.

Source: https://tuoitre.vn/co-phieu-tan-tao-sap-don-cai-ket-buon-sau-khi-bi-30-cong-ty-kiem-toan-tu-choi-20250118102308296.htm