Ms. Dang Thi Hoang Yen ceased to be the legal representative of Tan Tao.

Tan Tao Investment and Industry Company (ITA) has just changed Mr. Nguyen Thanh Phong as the legal representative to replace Ms. Dang Thi Hoang Yen.

This decision was reported by ITA to the Securities Commission and Ho Chi Minh City Stock Exchange (HoSE) on June 12. Ms. Dang Thi Hoang Yen is still the Chairwoman of ITA's Board of Directors.

Ms. Yen founded Hoang Yen Company Limited, the predecessor of Tan Tao Group, in 1993. After many consecutive years of absence, Tan Tao's Chairman has only appeared online at the company's general meeting of shareholders in the past 3 years.

Mr. Nguyen Thanh Phong - who replaced Ms. Yen as the legal representative of Tan Tao, is currently the company's general director. Mr. Phong has worked at Tan Tao for nearly 25 years and was appointed general director in place of Mr. Dang Quang Hanh - Ms. Yen's younger brother in April. Mr. Phong was also the person authorized to disclose information of Tan Tao. This CEO currently owns about 300,000 ITA shares.

This year, Tan Tao achieved its revenue target of VND774 billion and net profit of over VND257 billion. In 2022, the company's revenue decreased by 35% compared to the same period, reaching about VND600 billion. Tan Tao lost VND257 billion after tax, extending its loss streak for two consecutive years and far below the target of VND186 billion.

Last week, Tao Tao also proposed that HoSE remove ITA shares from the warning list. Last September, HoSE placed this code on the warning list for violating information disclosure regulations four times in one year. The company said it has now disclosed information and resolved all the reasons for putting ITA shares on the warning list as requested by HoSE. ITA shares closed the trading session on June 12 at approximately VND6,000, up more than 40% compared to a month ago.

Mr. Tu

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