Tan Tao Investment and Industry Joint Stock Company (CK code: ITA) has just issued a document explaining the reasons and providing solutions to overcome the situation of securities being suspended from trading.
Tan Tao Company believes that the issuance of warning decisions by the State Securities Commission and HoSE, restricting transactions, suspending transactions and canceling the listing of ITA shares has seriously affected business activities such as banks stopping credit granting, investors stopping negotiations on buying and selling, land lease and factories, causing great damage to the company and shareholders. The company affirmed that it had explained in detail the reasons for the force majeure reasons for the delay in auditing financial statements, but the State Securities Commission said that there was not enough basis to convince.
Previously, more than 938 million ITA shares were forced to be listed by HoSE from February 4, 2025. After that, ITA moved to trading on the UPCoM floor, however, the Hanoi Stock Exchange (HNX) decided to suspend trading of this stock from February 13. The reason given is that the ITA canceled the mandatory listing due to serious violations of its obligation to disclose information.
In the explanatory document, Tan Tao said that the company is trying to persuade auditing companies to conduct the Audited Financial Statements for 2023, the Audited Financial Statements for the 2024 semi-annual review and preparing for the Audited Financial Statements for 2024.
Whether or not to find an auditing unit depends on the actions of the State Securities Commission and the Hanoi Stock Exchange to demonstrate the task of protecting the rights and interests of shareholders and investors.
The company also mentioned the suspension of the State Securities Commission from the positions of 4 auditors who signed financial statements for 2021, 2022 and the 2023 semi-annual period. According to Tan Tao Company, this move is unusual, lacks transparency and makes other auditing units not dare to cooperate with businesses.
Notably, this document shows the information that Tan Tao Company is filing a lawsuit in this case to the International Court and requires the relevant parties to be responsible for all damages to Tan Tao Company, shareholders, domestic and foreign investors according to the ruling of the International Court.
Regarding business results in 2024, ITA recorded net revenue of VND 376 billion and profit after tax of VND 140 billion, down 34% and 46% respectively over the same period. As of December 31, 2024, Tan Tao Company had total assets of VND 12,632 billion and equity of VND 10,687 billion.
At the end of the last trading session on HoSE on September 25, 2024, ITA stock price stopped at VND2,350/share. Charter capital reached nearly VND9,400 billion, however, the company's market capitalization is only about VND2,200 billion.
