Vietnam’s State Securities Commission has imposed administrative penalties on Thien Nam Import-Export Joint Stock Company, based in District 10, Ho Chi Minh City, for violations related to disclosure of information in the securities and stock market field.
The company has been fined VND 92.5 million for failing to disclose its audited financial statements for 2023 on the disclosure system of the State Securities Commission and the website of Ho Chi Minh City Stock Exchange (HoSE). Additionally, Thien Nam Company was untimely in announcing the decision of its board of directors regarding the change of its legal representative.
A separate fine of VND 60 million has been levied for incomplete disclosure of information as stipulated by law. Specifically, the company’s corporate governance report for 2023 lacked details about a transaction with Mr. Nguyen Quang Hoa, the chairman of the board of directors. The company’s financial statements for Q4 2023 revealed a significant account receivable from Mr. Hoa, amounting to over VND 32.5 billion by the end of the year, up from VND 7.89 billion at the beginning of the year. However, this transaction was not fully disclosed in the 2023 corporate governance report.
TNA stock price chart
Thien Nam, a long-standing listed company, primarily engages in the steel business and distribution of imported confectionery. Formerly known as Tenimex, it transformed into a joint-stock company in 2000.
The company is currently under trading restrictions due to consecutive years of losses. According to its Q2 report, Thien Nam incurred a loss of over VND 18 billion in the said quarter.
On August 19, the company’s stock price, TNA, stood at just VND 4,390 per share.
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