Although Tan Tao's ITA shares were approved to be traded on UPCoM after leaving HoSE, HNX has also just announced the suspension of this stock from February 13.
Ms. Maya Dangelas (formerly known as Dang Thi Hoang Yen), ITA president, at an event - Photo: ITA
Currently, some websites specializing in corporate finance have transferred the stock status of ITA of Tan Tao Investment and Industry Joint Stock Company to the OTC market (the market for unlisted stocks).
Specifically, according to the announcement from the Hanoi Stock Exchange (HNX) on February 6, ITA shares will be suspended from trading from February 13, 2025.
The reason given by HNX is that Tan Tao is a company that was forced to delist due to serious violations of information disclosure obligations as prescribed.
Previously, according to HoSE's decision, more than 938 million shares of Tan Tao were delisted from February 4, 2025, after being suspended from trading since late September last year.
HoSE said it had to compulsorily delist ITA shares due to the company's serious violation of information disclosure obligations.
ITA shares were once under surveillance for violations because they were 30 days late in submitting their audited semi-annual financial statements for 2024, compared to the prescribed deadline.
This company has sent documents requesting to postpone the announcement 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.
Tan Tao used to be a big company on the stock exchange.
ITA is a company chaired by Ms. Dang Thi Hoang Yen. Several years ago, Ms. Yen changed her name to Maya Dangelas. According to ITA's 2023 document, Ms. Maya Dangelas is an American citizen and has a permanent residence in Houston, Texas.
Few people know that before being delisted, ITA was also one of the blue-chip stocks and a company with a large capitalization value on the Vietnamese stock exchange.
According to the ITA's recently published Q4-2024 financial report, the company's total assets were VND12,631 billion at the end of last year. Its equity was VND10,687 billion.
Regarding business situation, ITA's revenue for the whole year of 2024 reached more than 510 billion VND, down 11% compared to 2023. Profit after tax reached 115 billion VND, down 44%.
Source: https://tuoitre.vn/doanh-nghiep-nghin-ti-cua-nu-dai-gia-quoc-tich-my-se-bien-mat-khoi-san-chung-khoan-viet-nam-20250207125854353.htm
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