Tan Tao's ITA shares were delisted from the stock exchange.

(NLDO) - Tan Tao's ITA shares will be forced to delist on HoSE due to serious violations of information disclosure.

The Ho Chi Minh City Stock Exchange (HoSE) has just announced information about the mandatory delisting of Tan Tao Investment and Industry Joint Stock Company (Tan Tao - ITA) due to serious violations related to information disclosure according to regulations.

According to HoSE, ITA shares are being monitored for violations. Specifically, ITA has been warned under Decision 586/QD-SGDHCM dated August 26, 2022 because the listed organization violated information disclosure 4 times or more within 1 year; and is being controlled under Decision 589/QD-SGDHCM dated October 17, 2024 because the company is late in submitting the 2024 semi-annual audited financial report more than 30 days from the prescribed deadline.

ITA was suspended from trading under Decision 539/QD-SGDHCM dated September 19, 2024 because the listed organization continued to violate regulations on information disclosure on the stock market after being placed on the restricted trading list. ITA has been suspended from trading since September 26, 2024.

Tan Tao Industrial Park

According to HoSE, up to now, Tan Tao has not 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); semi-annual audited financial statements for 2024 (prescribed deadline August 29, 2024); decision to open bankruptcy proceedings by the People's Court of Ho Chi Minh City.

Tan Tao has also 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. Regarding this issue, the State Securities Commission sent official dispatches in June 2024 and October 2024 to the company in response to the postponement of information disclosure, stating that ITACO's report on the postponement of information disclosure was due to force majeure. However, Tan Tao has not yet provided documents and evidence as a basis for giving such force majeure reasons.

On September 16, 2024, HoSE issued a document requesting the company to promptly remedy the information disclosure violation. If the company fails to remedy the delay in information disclosure, ITA shares will be subject to compulsory delisting. Since the suspension of trading, Tan Tao's information disclosure violations have been remedied, and are likely to continue and prolong, seriously violating the information disclosure obligation and affecting the rights of shareholders

Pursuant to Decree 155/2020/ND-CP, based on the opinions of the State Securities Commission and the Vietnam Stock Exchange, HoSE announces that it will carry out mandatory delisting procedures for ITA shares.

A few days earlier, Tan Tao had issued a document stating that the company had resolved all the reasons for putting ITA under control, restricting transactions, and suspending transactions in the first quarter of 2025. Accordingly, Tan Tao had resolved all the reasons for putting ITA shares under warning due to violations of information disclosure regulations. It has been more than 17 months since ITA met the conditions to be removed from the warning list according to regulations. Tan Tao said that it had sent many official dispatches reporting that all the reasons had been resolved, but HoSE did not respond with any reasons and did not resolve to remove this stock from the warning list.

Source: https://nld.com.vn/co-phieu-ita-cua-tan-tao-bi-huy-niem-yet-tren-san-chung-khoan-196250118125420941.htm