Why are shares of Tan Tao Industrial Investment Joint Stock Company still suspended from trading on UpCom?

(NLDO) - HoSE has forced the delisting of shares of Tan Tao Industrial Investment Joint Stock Company because the company seriously violated its information disclosure obligations.

The Hanoi Stock Exchange (HNX) has just announced information related to the suspension of trading of ITA shares of Tan Tao Industrial Investment Joint Stock Company (Tan Tao) on UpCom.

Accordingly, based on Decision No. 55/QD-SGDHCM dated January 21, 2025 of the Ho Chi Minh City Stock Exchange (HoSE) on delisting shares; and based on the regulations on registration and management of unlisted securities transactions issued together with Decision No. 34/QD-HDTV dated November 16, 2022 of the Board of Members of the Vietnam Stock Exchange and at the request of the Director of the Listing Management Department, HNX decided to suspend trading of Tan Tao's ITA shares.

The reason given was that ITA was subject to compulsory delisting due to serious breach of its disclosure obligations.

Tan Tao Industrial Park in Ho Chi Minh City

The date of suspension of trading is February 13, 2025. HNX also requires that within 15 working days from the date the shares are suspended from trading, Tan Tao must send a document to HNX explaining the reasons and providing a solution to overcome the suspension of trading.

Previously, HoSE decided to compulsorily delist more than 938 million shares of Tan Tao from February 4, 2025 because the company seriously violated its information disclosure obligations. Previously, ITA was suspended from trading and placed under control... due to violations of information disclosure related to financial reports.

Tan Tao has repeatedly sent documents requesting to postpone the announcement of audited financial statements... due to force majeure.

According to Tan Tao, the company had difficulty convincing up to 30 auditing firms but was rejected by all of them. This made it impossible for them to issue audited financial statements for 2023 and the first half of 2024.

In 2024, Tan Tao's unaudited financial report said the company achieved revenue of VND510 billion, down 11% year-on-year, and profit after tax of VND115 billion, down 44% year-on-year. Accordingly, the company's total assets were over VND12,600 billion, and equity was over VND10,680 billion.

Source: https://nld.com.vn/vi-sao-co-phieu-cua-cong-ty-cp-dau-tu-cong-nghiep-tan-tao-tiep-tuc-bi-dinh-chi-giao-dich-tren-upcom-196250207172927588.htm