Ho Chi Minh City Stock Exchange (HOSE) has announced the mandatory delisting of shares of Tan Tao Investment and Industry Corporation (stock code ITA). The reason is that up to now, Tan Tao has not yet announced the audited financial statements for 2023 (due by the end of March 2024), the annual report for 2023 (due by April 20, 2024), the semi-annual financial statements for 2024 (due by August 2024), and the decision to open bankruptcy proceedings by the People's Court of Ho Chi Minh City.
Nearly 950 million Tan Tao shares were forced to be delisted on HOSE.
PHOTO: DAO NGOC THACH
Tan Tao shares were put on warning in August 2022, put under control in October 2024 and most recently suspended from trading since September 26, 2024. The company has sent documents requesting a temporary postponement of information disclosure with the above reports. Regarding this issue, the State Securities Commission sent official dispatches in June 2024 and October 2024 in response to the temporary postponement of information disclosure, stating that Tan Tao's report on the temporary postponement of disclosure was due to force majeure. However, the company has not yet provided documents and evidence as a basis for giving such force majeure reasons.
HOSE has also sent a document requesting the company to promptly remedy the information disclosure violations. If they are not corrected, ITA shares will be delisted . However, since the suspension of trading, the information disclosure violations have not been remedied, and may be prolonged and affect shareholders' rights . Based on the regulations, HOSE announced that it will carry out mandatory delisting procedures for ITA shares.
In a recent report, Tan Tao said it had disclosed information and resolved all the reasons for putting the stock on the warning list. This is the ninth time the unit has requested HOSE to remove the stock from the warning list. According to Tan Tao, the company is still trying to convince auditing companies to conduct the 2023 audited financial statements, the 2024 semi-annual audited financial statements and prepare for the 2024 audited financial statements.
ITA shares have a listed volume of over 938 million units. Before the trading suspension on September 26, 2024, this stock dropped to VND 2,350/share. Recently, Tan Tao Company said that although the company has made every effort to contact and persuade all auditing units (30 auditing companies are approved to audit public interest units in the securities sector in 2023), all of these auditing companies have refused. The main reason, according to Tan Tao, is that the State Securities Commission has suspended the auditing qualifications of 4 auditors who audited the company's financial statements in 2021, 2022 and the semi-annual financial statements in 2023. This suspension of auditing qualifications is unusual and not transparent, causing all other auditing firms to fear that auditing for Tan Tao will also have their auditor qualifications suspended in a similar manner...
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