According to the Ho Chi Minh City Stock Exchange (HOSE), ITA shares of Tan Tao Investment and Industry Corporation have been put under control since June 22.
The reason is that the parent company's after-tax profit in 2021 and 2022 is negative based on the audited consolidated financial statements in 2022.
In 2022, ITA was put on warning by HOSE for violating information disclosure regulations 4 times within 1 year.
In March 2023, ITA will continue to be under warning because it has not yet fully resolved the reasons for being under warning and continues to violate information disclosure within 6 months from the date of warning.
Recently, Tan Tao has issued a written explanation requesting to remedy the situation of its securities being warned and requesting to remove ITA securities from the warning list.
According to ITA, the continued extension of the decision to put the stock on the warning list has caused serious damage to the company, shareholders, and domestic and foreign investors. ITA requested HOSE to issue a decision to remove the stock from the warning list according to regulations.
In another development, ITA has just changed its legal representative to replace Ms. Dang Thi Hoang Yen (or Maya Dangelas) to Mr. Nguyen Thanh Phong.
Although she is the Chairwoman, Ms. Yen has only appeared online at the company's General Meeting of Shareholders in the past 3 years.
In 2021, Tan Tao lost 404.1 billion VND; in 2022, it lost 260.4 billion VND. In the first quarter of this year, the company only made a profit of 14.76 billion VND, down 8.5% compared to the same period in 2022 and completing 5.9% of the 2023 plan.
At the end of the trading session on June 15, ITA turned around and decreased to only 6,120 VND/share.
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