Tan Tao extends the date of holding the 2024 Annual General Meeting of Shareholders

Having just extended the deadline for submitting the 2023 Audited Financial Report, Tan Tao Investment and Technology Joint Stock Company (code ITA - HoSE floor) continues to extend the deadline for organizing the 2024 Annual General Meeting of Shareholders.

On March 4, Tan Tao Company approved the extension of the date for holding the 2024 Annual General Meeting of Shareholders, no later than June 30, 2024.

In addition, if by June 30, 2024, Tan Tao Company is still unable to organize the 2024 Annual General Meeting of Shareholders, the Company will meet to collect opinions and agree on a later date.

The reason for the extension given by Tan Tao Company is that on December 29, 2023, Southern Accounting and Auditing Financial Consulting Services Company Limited (AASCS Auditing Company) suddenly sent a notice that it would not audit the financial statements ending on December 31, 2023 due to the inability to arrange personnel and time.

Previously, Tan Tao Company also requested to postpone the announcement of the 2023 Audited Financial Report and the 2023 Annual Report for the same reason as above.

“This is another case of force majeure, an objective and unforeseeable incident that occurred at the end of the fiscal year and AASCS Auditing Company suddenly stopped auditing. Tan Tao Company overcame the situation by making every effort to contact all the Auditing Companies in the list of 30 Auditing Companies approved by the State Securities Commission to audit listed enterprises, but at this time, all the Auditing Companies on the list did not audit Tan Tao Company's 2023 Financial Statements,” Tan Tao Company emphasized that it could not find a Company to audit the 2023 Financial Statements to replace AASCS Auditing Company.

Unreported transaction, wife of Tan Tao Vice Chairman fined over 1 billion VND and suspended from trading for 3.5 months

A notable development, previously, on January 19, 2024, the State Securities Commission issued Decision No. 63/QD-XPHC on administrative sanctions in the field of securities and the securities market against Ms. Nguyen Thi My Hanh, address at 79/9B Street 12, An Khanh Ward, Thu Duc City, Ho Chi Minh City.

In which, a fine of VND 1,014,160,000 is imposed for the act of not reporting on the expected transaction.

It is known that Ms. Nguyen Thi My Hanh is related to Mr. Dang Quang Hanh - Permanent Vice Chairman of the Board of Directors of Tan Tao Investment and Industry Joint Stock Company (code ITA - HOSE floor) who made a transaction of 5,795,200 shares (bought 1,104,700 shares and sold 4,690,500 ITA shares) in June 2022, sold 520,000 ITA shares in July 2022 and sold 88,000 ITA shares in September 2022 but did not report before the transaction.

In addition, the State Securities Commission also applies the additional penalty of suspending securities trading activities for a period of 3.5 months as prescribed in Point b, Clause 7, Article 33 of Decree No. 156/2020/ND-CP, amended and supplemented as prescribed in Clause 27, Article 1 of Decree No. 128/2021/ND-CP.

In addition, in another case, on September 14, 2023, Ban Mai Media - Entertainment and Production JSC, an organization related to Mr. Nguyen Trong Dung, the person in charge of administration at Tan Tao Company, said that it had sold 4,572,000 ITA shares to reduce ownership from 30,152,229 shares (3.21% of charter capital) to 25,580,229 shares (2.73% of charter capital), the transaction was carried out from December 22, 2022 to December 27, 2022.

Thus, the organization related to Tan Tao's leadership sold for more than 8 months before reporting the transaction results to shareholders and the Ho Chi Minh City Stock Exchange (HoSE).

Profitable again in 2023 but only reaching 79.9% of annual plan

In terms of business activities, previously in the Financial Report for the fourth quarter of 2023 (unaudited), Tan Tao Company recorded revenue of VND 243.59 billion compared to the same period, recording a negative VND 2,002.15 billion, an increase of VND 2,245.74 billion, and profit after tax recorded a profit of VND 90.77 billion compared to the same period, a loss of VND 411.23 billion, an increase of VND 502 billion. In which, the gross profit margin improved from business below cost price to positive 58.3%.

Accumulated in 2023, Tan Tao Company recorded revenue of VND 566.74 billion compared to the same period, negative VND 1,545.2 billion, an increase of VND 2,111.94 billion, and after-tax profit recorded a profit of VND 205.64 billion compared to the same period, a loss of VND 257.89 billion, an increase of VND 463.53 billion.

It is known that in 2023, the Company set a business plan with revenue and income of 774.4 billion VND, net profit of 257.3 billion VND. Thus, ending 2023 with a profit of 205.64 billion VND, Tan Tao Company did not complete the plan, only reaching 79.9% of the plan that shareholders set for the Executive Board at the beginning of the year.

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