According to information from the Ho Chi Minh City Stock Exchange, Tan Dong Phuong Construction and Development Investment Joint Stock Company (Tan Dong Phuong Company) has just reported the trading results of shares of Tan Tao Investment and Industry Joint Stock Company (Tan Tao Company; stock code: ITA).
Tan Dong Duong Company is a company related to Ms. Dang Thi Hoang Yen (also known as Maya Dangelas) - Chairwoman of the Board of Directors of Tan Tao Company. Ms. Yen is currently the General Director of Tan Phuong Dong Company.
Tan Dong Duong Company registered to buy 5.8 million ITA shares by negotiation from August 26 to September 24. If the transaction is successful, this enterprise will increase its ownership ratio at Tan Tao Company from 11.84% to 12.46%, equivalent to 116.9 million shares. As a result, Tan Dong Phuong Company was unable to buy any ITA shares due to the reason that "market conditions were not suitable".
Since the beginning of June, ITA shares have decreased by nearly 58%, from VND5,650/share to VND2,400/share. Starting tomorrow (September 26), this stock will be suspended from trading according to the decision of the Ho Chi Minh City Stock Exchange (HoSE).
As reported by VietNamNet, on September 19, HoSE announced the change from restricted to suspended trading status for ITA shares from September 26. The reason is that Tan Tao Company continued to violate regulations on information disclosure after the shares were put on restricted trading status.
According to HoSE, Tan Tao Company violated the deadline by submitting the audited financial statements (FS) for 2023 more than 45 days later than the deadline. At the end of August 2024, the company sent a document requesting to postpone the announcement of the audited financial statements for 2023, the annual report for 2023 and the reviewed semi-annual financial statements for 2024.
In early September, HoSE continued to send a document reminding Tan Tao Company about the delay in announcing the audited financial statements for the 2024 semi-annual period, but the company has yet to announce this information.
Regarding the reason for the delay in publishing financial statements, Tan Tao Company said that over the past several months, the company has contacted and persuaded 30 auditing units but was rejected by all.
This enterprise believes that the State Securities Commission has suspended the auditor who audited the company's 2021, 2022 financial statements and the 2023 semi-annual audited financial statements. This makes all auditing units concerned when auditing the company.
Tan Tao Company was established in 2002, operating mainly in the field of industrial park development and industrial services. In addition, the company also invests and trades in residential real estate. Tan Tao Company's ITA shares were listed on HoSE in 2006.
According to the consolidated financial statements for the second quarter of 2024, as of June 30, Tan Tao Company's total capital reached VND 12,244 billion. In the second quarter of 2024, the company recorded revenue of VND 70.8 billion. Gross profit reached VND 30.4 billion, down 25% compared to the gross profit of VND 40.7 billion in the same period.
After deducting expenses, the company's after-tax profit reached VND44 billion, up 84% over the same period. Explaining the 25% decrease in gross profit, Tan Tao Company said it was seriously affected by the decision to open bankruptcy proceedings in 2018 by the Ho Chi Minh City People's Court and the decision to appoint a trustee to manage and liquidate assets. This led to banks not lending capital and many investors stopped negotiating to buy, sell, and lease land and factories.
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Source: https://vietnamnet.vn/cong-ty-ba-dang-thi-hoang-yen-khong-mua-co-phieu-tan-tao-truoc-lenh-dung-mua-ban-2325655.html
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