Ho Chi Minh City Stock Exchange (HoSE) has just sent a notice to Tan Tao Investment and Industry Corporation (ITA) about carrying out mandatory delisting procedures for ITA shares according to regulations.
After many times of "crying injustice", ITA received a mandatory delisting sentence from HoSE
Ho Chi Minh City Stock Exchange (HoSE) has just sent a notice to Tan Tao Investment and Industry Corporation (ITA) about carrying out mandatory delisting procedures for ITA shares according to regulations.
Accordingly, ITA shares are being monitored for violations, including the warning status under Decision No. 586/QD-SGDHCM dated August 26, 2022 due to the listed organization violating information disclosure 4 times or more within 1 year (calculated according to the calendar year); the control status under Decision No. 589/QD-SGDHCM dated October 17, 2024 due to the company being late in submitting the audited semi-annual financial report for 2024 more than 30 days after the prescribed deadline and being suspended from trading under Decision No. 539/QD-SGDHCM dated September 19, 2024 due to the listed organization continuing to violate regulations on information disclosure on the stock market after being put on the restricted trading list.
ITA shares have been suspended from trading since September 26, 2024 and stopped at VND 2,350/share.
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| ITA shares have been suspended from trading since September 26, 2024. |
Up to now, Tan Tao Investment and Industry Joint Stock Company has not made the following information disclosures: Audited financial statements (FS) for 2023 (prescribed deadline: March 30, 2024); Annual report for 2023 (prescribed deadline: April 20, 2024); Semi-annual audited financial statements for 2024 (prescribed deadline: August 29, 2024); Decision to open bankruptcy proceedings by the People's Court of Ho Chi Minh City. The Company has submitted documents requesting a temporary postponement of the disclosure of information on the audited financial statements for 2023, the Annual report for 2023 and the semi-annual audited financial statements for 2024 due to force majeure.
Regarding this issue, the State Securities Commission sent official dispatches in June 2024 and October 2024 to the company in response to the postponement of information disclosure, stating that ITA's report of the postponement of information disclosure was due to force majeure. However, the Company has not yet provided documents and evidence as a basis for giving such force majeure reasons.
On September 16, 2024, HoSE issued a document requesting the Company to promptly remedy the information disclosure violation. If the Company fails to remedy the delay in information disclosure, ITA shares will be subject to mandatory delisting. However, since the time of suspension of trading, the Company's information disclosure violations have not been remedied and are likely to continue and persist, seriously violating the information disclosure obligation and affecting the rights of shareholders.
Pursuant to the provisions of Decree No. 155/2020/ND-CP: "Shares of a public company shall be delisted when one of the following cases occurs: The listing organization seriously violates the obligation to disclose information...", and based on the opinions of the State Securities Commission and the Vietnam Stock Exchange, HoSE has sent a notice to ITA that it will carry out mandatory delisting procedures for ITA shares according to the above provisions.
Previously, ITA had repeatedly requested HoSE to remove the stock from the warning list because it believed that it had resolved all the reasons that caused ITA to fall into the warning list. In the 9th request in mid-January 2025, ITA said that the company had met the conditions for the stock to be removed from the warning list. Despite sending many official dispatches, HoSE did not respond and did not resolve the matter for ITA. The company said that the delay in resolving the matter greatly affected its business operations, caused damage to the Company, and affected the legitimate rights and interests of shareholders and domestic and foreign investors.
ITA is an industrial park real estate company associated with the name of Ms. Dang Thi Hoang Yen (or Maya Dangelas). Recently, at the end of December 2024, ITA adjusted the amount of more than 468 billion VND transferred to Saigon - Mekong Urban Investment Joint Stock Company into contributed capital, equivalent to 58.34% of Saigon - Mekong's charter capital. Saigon - Mekong is currently the investor of the Tan Tao - Long An Industrial Park project with an area of 414 hectares in Binh Hoa Nam commune, Duc Hue district, Long An province.
Source: https://baodautu.vn/sau-nhieu-lan-keu-oan-ita-nhan-an-huy-niem-yet-bat-buoc-tu-hose-d241394.html
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