Stating the reason for the compulsory delisting of ITA shares, the Ho Chi Minh City Stock Exchange (HOSE) said that, up to now, Tan Tao Investment and Industry Joint Stock Company (Tan Tao Company) has not yet made the following information disclosures: Audited financial statements (FS) for 2023 (prescribed deadline: March 30, 2024); Annual report for 2023 (prescribed deadline: April 20, 2024); Audited semi-annual financial statements for 2024 (prescribed deadline: August 29, 2024); Decision to open bankruptcy proceedings by the People's Court of Ho Chi Minh City.
“Regarding the fact that ITA has sent documents requesting to postpone the disclosure of information on the 2023 audited financial statements, the 2023 Annual Report and the 2024 semi-annual reviewed financial statements due to force majeure, the State Securities Commission sent official dispatches in June 2024 and October 2024 to the Company in response to this postponement, but the Company has not yet provided documents and evidence as a basis for giving such force majeure reasons,” HOSE explained.
HOSE also said that on September 16, 2024, it sent a document requesting Tan Tao Company to promptly remedy the situation of information disclosure violations. If the company fails to remedy the situation of delayed information disclosure, ITA shares will be subject to mandatory delisting.
However, since the time of suspension of trading, the violations of information disclosure by Tan Tao Company have not been resolved, and are likely to continue and prolong, seriously violating the obligation to disclose information and affecting the rights of shareholders. Therefore, HOSE announced that it will carry out the compulsory delisting procedure for ITA shares according to regulations.
Previously, on January 15, 2025, Tan Tao Company reported on the situation of ITA shares being in the following categories: warning, control, restricted trading, and suspended trading in the first quarter of 2025 and requested HOSE to remove the Company's shares from the above categories.
Notably, this is the 9th time this enterprise has sent a report on the recovery situation and requested HOSE to remove the Company's shares from the warning list.
Tan Tao Company said that the Company has overcome all the reasons for putting ITA shares on the warning list due to violations of information disclosure regulations. More than 17 months since the Company met the conditions to be removed from the warning list according to regulations, Tan Tao has sent many official dispatches reporting that all the reasons have been overcome, but HOSE still has not responded with any reasons and has not resolved to remove ITA shares from the warning list.
Regarding the report on the situation of ITA shares being placed under control and restricted trading, Tan Tao said that on November 11, 2024, the Company sent a report on the situation of ITA shares being placed under warning, control, restricted trading, and suspended trading in the fourth quarter of 2024 and requested HOSE to remove ITA shares from these categories, but up to now, HOSE has not responded.
Tan Tao Company is still trying to find and convince auditing companies to conduct the 2023 audited financial statements, the 2024 semi-annual review of financial statements and prepare for the 2024 audited financial statements.
Whether or not an auditing unit can be found depends on the actions taken by the State Securities Commission and HOSE to demonstrate their duty to protect the rights and interests of shareholders and investors.
