The Ho Chi Minh City Stock Exchange (HoSE) has recently announced that it will impose trading restrictions on ITA shares of Tan Tao Investment and Industry Joint Stock Company, effective July 16, 2024.
According to Decision 414/QD-SGDHCM dated July 9, 2024, ITA shares will only be allowed to trade during the afternoon session of the trading day, following the matching method and agreement method.
The decision was made due to the company’s delay in submitting its audited financial statements for the year 2023, which exceeded the deadline by more than 45 days. This falls under the regulations stated in Clause a, Point 1, Article 39 of the Listing and Trading Rules of Listed Securities, issued together with Decision No. 17/QD-HDTV dated March 31, 2022, by the Vietnam Stock Exchange.
On April 23, 2024, HoSE had issued a reminder to ITA regarding the late submission of its audited financial statements and annual report for 2023. The State Securities Commission of Vietnam (SSC) also responded to the company regarding the temporary suspension of information disclosure.
“The company replied with Official Letter No. 222/CV-ITACO-24 dated June 24, 2024, to the SSC and HoSE, but failed to provide documents or evidence justifying the temporary suspension of the audited financial statements and annual report for 2023 due to force majeure,” HoSE announced.
At the 2024 Annual General Meeting of Shareholders held in late June, in response to a shareholder’s question about the company’s delay in publishing its audited consolidated financial statements for 2023 and the actual business results for the year, Mr. Nguyen Thanh Phong, CEO of ITA, explained that since 2022, ITA has faced challenges as HoSE and the SSC had suspended the practice of auditors who had conducted audits for ITA, causing auditing firms to withdraw their services.
Mr. Phong further stated that finding new auditing firms has been difficult, and despite their best efforts to persuade potential auditors, no company dared to take on the task for fear that their auditors might also be suspended from practice without a clear reason, just like the previous firms. ITA has sent multiple requests to HoSE and the SSC, asking for support in finding a new auditing firm. Due to these unforeseen circumstances, the company has requested a temporary suspension of information disclosure regarding their audited financial statements and annual report for 2023.
“Despite the lack of audited financial statements for 2023, our management team assures that all financial information is transparent and truthful. We had a profitable year in 2023, accurately reflecting our actual business performance. In 2021, we incurred losses due to provisions for doubtful debts made by the auditing firm. In 2022, we terminated the land lease contract for the Kien Luong Thermal Power Project due to force majeure. Apart from these exceptional cases, we have been profitable in 2021, 2022, and 2023, maintaining a high profit margin compared to other companies in the same industry,” shared Mr. Phong.
In the stock market, ITA shares have been on a downward trend, reaching a price range of around VND 5,000 per share. Compared to its historical peak in early 2022, the stock has lost more than 70% of its value.
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