The Ho Chi Minh Stock Exchange (HoSE) has decided to transfer the ITA shares of Tan Tao Investment and Industry Corporation (stock code: ITA) from restricted trading to trading suspension, effective September 26.
This decision was made due to Tan Tao’s continued violation of information disclosure regulations on the stock market, even after being placed under restricted trading, which falls under the case of securities trading suspension.
Prior to this, HoSE had repeatedly reminded Tan Tao about the delayed disclosure of its 2023 audited financial statements and 2024 semi-annual financial statements. However, Tan Tao still failed to make the necessary disclosures.
Conversely, ITA repeatedly sent documents to the State Securities Commission and HoSE, requesting a temporary postponement of the disclosure of its 2023 audited financial statements, 2023 annual report, and 2024 semi-annual reviewed financial statements.
HoSE transfers ITA shares of Tan Tao Investment and Industry Corporation from restricted trading to trading suspension.
According to ITA, on June 24, the company responded to Document No. 3619/UBCK-GSĐC dated June 7, 2024, from the State Securities Commission, providing explanations and proof of force majeure. However, to date, the State Securities Commission has not responded to Tan Tao. Meanwhile, HoSE issued Decision No. 414/QD-SGDHCM dated July 9, placing ITA shares under restricted trading from July 16.
On July 19, Tan Tao submitted a report on the progress of rectifying the ITA shares under warning in the third quarter and proposed to remove the warning on ITA shares (7th time). The company also reported on the progress of rectifying the ITA shares under restricted trading from July 16 and provided explanations, requesting the cancellation of Decision No. 414/QD-SGDHCM dated July 9 regarding the restricted trading of ITA shares.
In all documents sent to the State Securities Commission and HoSE, Tan Tao affirmed that it had provided very clear and detailed explanations for the force majeure event. Despite their best efforts to contact, work with, and convince all auditing firms (30 auditing firms approved to audit public interest entities in the securities sector in 2023), all of these firms refused.
The main reason for this, according to Tan Tao, is the suspension of four auditors by the State Securities Commission. These auditors had performed audits for Tan Tao’s 2021 and 2022 financial statements and the 2023 semi-annual reviewed financial statements.
ITA stated that if, due to force majeure, the non-disclosure of the 2023 audited financial statements, 2023 annual report, and 2024 semi-annual reviewed financial statements leads to the suspension of trading or delisting of ITA shares, then the State Securities Commission and HoSE will be held responsible for any losses incurred by investors, shareholders, and Tan Tao itself.
In its self-prepared financial statements for the second quarter and first half of 2024, Tan Tao recorded revenue of over VND 142 billion and after-tax profit of more than VND 64 billion.
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