In a recent announcement, Tan Dong Phuong Investment, Construction, and Development JSC has registered to purchase over 5.8 million ITA shares of Tan Tao Investment and Industry Corporation to increase its ownership. The expected transaction period is from August 26 to September 24, with the method of agreement.
Prior to this, this major shareholder had purchased nearly 38 million ITA shares in early June, raising its ownership to over 111 million shares (11.84% of capital) as of now. If the purchase of an additional 5.8 million shares is completed, the ownership will increase to approximately 117 million units, equivalent to 12.46% of the shares.
In terms of connections, ITA’s Chairwoman, Dang Thi Hoang Yen (a.k.a Maya Dangelas), is currently the Investment Director at Tan Dong Phuong Investment, Construction, and Development. Simultaneously, ITA’s CEO, Mr. Nguyen Thanh Phong, is the Deputy General Director at this enterprise.
On the stock exchange, ITA shares are currently trading around a two-year low, with the market price standing at VND 3,750/share. Based on this price, the value of Tan Dong Phuong’s intended additional purchase is approximately VND 22 billion.
In another development, ITA shares are currently restricted from trading and are only allowed to be traded in the afternoon sessions. This is due to the company’s delay in submitting its 2023 audited financial statements beyond the 45-day deadline as stipulated.
Regarding the decision to restrict trading of ITA shares from July 16, ITA stated that the company had submitted a request to temporarily postpone the disclosure of its 2023 audited financial statements and annual report for 2023 due to force majeure, but did not receive a response from the State Securities Commission (SSC).
The force majeure event cited by ITA was the SSC’s unusual and opaque suspension of the qualifications of four auditors who had conducted the audits for the company’s 2021, 2022, and first-half 2023 financial statements. This action, according to ITA, has caused fear among other auditing firms, leading to their reluctance to take on the company’s audit for fear of facing similar qualification suspensions.
In its explanation, ITA argued that the leaders of auditing firms have expressed their willingness to undertake the audit only if they receive official permission from the SSC and HoSE, without facing any further obstacles or qualification suspensions.
Consequently, ITA requested the SSC and HoSE to approve the postponement of the disclosure of the unfinished reports and to provide official permission for auditing firms to conduct the audit for Tan Tao.
” In the event that the 2023 audited financial statements cannot be produced due to force majeure, the SSC and HoSE shall be held responsible for any losses incurred by domestic and foreign investors, shareholders, and the company as a result of the delisting of ITA shares,” ITA emphasized in its statement.
ITA Delays Release of 2023 Audit Report due to License Suspension of 2 Auditors, 30 Audit Firms Decline to Perform
AASCS has stopped auditing ITA as two auditors who were responsible for this work during the 2022 financial statements and the 2023 interim review of the company had their professional licenses revoked by the Securities and Exchange Commission for a period of 2 years.
