Shareholders of Tan Tao Investment and Industry JSC (ITA) have recently raised concerns about the company’s performance and the decline in its stock price.
In response, Maya Dangelas, Chairwoman of ITA, acknowledged the challenges faced by the company, including the efforts to combat negative forces attempting a hostile takeover since May 2022. She assured shareholders that ITA is committed to seeking justice and compensation for all investors through international legal proceedings.
Despite the challenges, ITA has made positive strides, including the extension of its investment certificate and the resumption of the Ecity Tan Duc urban area project. The company aims to boost the stock price and assures shareholders of its transparency and commitment to profitable operations.
The company’s management also addressed the delay in publishing the audited consolidated financial statements for 2023 due to difficulties in finding an auditing firm, as previous auditors were suspended from practice by the Ho Chi Minh City Stock Exchange (HoSE) and the State Securities Commission of Vietnam (SSC). ITA’s leadership assured shareholders of the company’s financial transparency and profitability, with a commitment to providing accurate and timely financial information.
At the annual meeting, shareholders approved the business plan for 2024, targeting a total revenue of VND 530 billion and a profit after tax of VND 178 billion, reflecting a 9% and 13% decrease compared to the previous year’s performance.
ITA’s first-quarter results showed promising signs, with a 15% increase in revenue and a 33% surge in profit after tax compared to the same period last year.
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