Tan Tao extends the date of holding the 2024 Annual General Meeting of Shareholders

Tan Tao extends the deadline for holding its 2024 Annual General Meeting of Shareholders.

Having recently extended the deadline for submitting its audited financial statements for 2023, Tan Tao Investment and Technology Joint Stock Company (ITA – HoSE) has further extended the deadline for holding its 2024 annual general meeting of shareholders.

On March 4th, Tan Tao Company approved the extension of the date for holding its 2024 Annual General Meeting of Shareholders, to no later than June 30th, 2024.

Furthermore, if Tan Tao Company is still unable to hold its 2024 Annual General Meeting of Shareholders by June 30, 2024, the company will hold a meeting to gather opinions and agree on a later date.

The reason for the extension, as stated by Tan Tao Company, is that on December 29, 2023, Southern Accounting and Auditing Financial Consulting Services Co., Ltd. (AASCS Auditing Company) suddenly announced that it would not be auditing the financial statements ending on December 31, 2023, due to its inability to arrange personnel and time.

Previously, Tan Tao Company had also requested a postponement of the publication of its audited financial statements for 2023 and its annual report for 2023 for the same reason mentioned above.

“This is another case of force majeure, an unforeseen and objective event that occurred when AASCS Auditing Company suddenly ceased auditing at the end of the fiscal year. Tan Tao Company has made every effort to contact all the auditing companies on the list of 30 approved auditing companies authorized by the State Securities Commission to audit listed companies, but at this time, none of the auditing companies on the list are performing the audit for Tan Tao Company's 2023 financial statements,” Tan Tao Company emphasized, explaining its inability to find a replacement auditing company for the 2023 financial statements.

For unreported transactions, the wife of the Vice Chairman of the Board of Directors of Tan Tao Group was fined over 1 billion VND and had her trading suspended for 3.5 months.

A noteworthy development is that, prior to this, on January 19, 2024, the State Securities Commission issued Decision No. 63/QD-XPHC on administrative sanctions in the field of securities and securities market against Ms. Nguyen Thi My Hanh, residing at 79/9B Street 12, An Khanh Ward, Thu Duc City, Ho Chi Minh City.

Specifically, a fine of VND 1,014,160,000 was imposed for the offense of failing to report planned transactions.

It is known that Ms. Nguyen Thi My Hanh, who is related to Mr. Dang Quang Hanh – Permanent Vice Chairman of the Board of Directors of Tan Tao Investment and Industrial Joint Stock Company (ITA - HOSE), conducted transactions involving 5,795,200 shares (buying 1,104,700 shares and selling 4,690,500 ITA shares) in June 2022, selling 520,000 ITA shares in July 2022, and selling 88,000 ITA shares in September 2022, but failed to report these transactions beforehand.

In addition, the State Securities Commission also applies the supplementary penalty of suspending securities trading activities for a period of 3.5 months as stipulated in point b, clause 7, Article 33 of Decree No. 156/2020/ND-CP, as amended and supplemented by clause 27, Article 1 of Decree No. 128/2021/ND-CP.

Furthermore, in another case, on September 14, 2023, Ban Mai Media Production and Entertainment Joint Stock Company, an organization related to Mr. Nguyen Trong Dung, the person in charge of governance at Tan Tao Company, announced that it had sold 4,572,000 ITA shares to reduce its ownership from 30,152,229 shares (3.21% of charter capital) to 25,580,229 shares (2.73% of charter capital). The transaction was carried out from December 22, 2022 to December 27, 2022.

Thus, the organization associated with Tan Tao's leadership sold its shares more than eight months ago before reporting the transaction results to shareholders and the Ho Chi Minh City Stock Exchange (HoSE).

The company returned to profitability in 2023, but only achieved 79.9% of its annual target.

In terms of business performance, in its unaudited Q4/2023 financial report, Tan Tao Company recorded revenue of VND 243.59 billion compared to a loss of VND 2,002.15 billion in the same period last year, an increase of VND 2,245.74 billion. Net profit after tax was recorded at VND 90.77 billion compared to a loss of VND 411.23 billion in the same period last year, an increase of VND 502 billion. Furthermore, the gross profit margin improved to a positive 58.3% due to selling below cost.

For the full year 2023, Tan Tao Company recorded revenue of VND 566.74 billion compared to a loss of VND 1,545.2 billion in the same period, an increase of VND 2,111.94 billion, and after-tax profit of VND 205.64 billion compared to a loss of VND 257.89 billion in the same period, an increase of VND 463.53 billion.

Reportedly, in 2023, the company planned for revenue and income of VND 774.4 billion and net profit of VND 257.3 billion. However, ending 2023 with a profit of VND 205.64 billion, Tan Tao Company failed to meet its plan, achieving only 79.9% of the target set by shareholders for the management board at the beginning of the year.

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