Tan Tao (ITA) organization related to leaders registered to buy and sell 1 million shares

Recently, ITA-Rice Fragrant Rice Research, Investment and Export Joint Stock Company registered to sell all 1 million ITA shares it holds, equivalent to 0.11% of charter capital. This is also an organization related to Mr. Nguyen Trong Dung, the person in charge of administration of Tan Tao ITA.

On the other hand, Tan Tao University Joint Stock Company, an organization related to Ms. Dang Thi Hoang Yen, Chairwoman of the Board of Directors of Tan Tao ITA, also registered to buy 1 million ITA shares to increase its ownership ratio from 14.61% to 14.72% of charter capital.

Tan Tao Ita Organization related to the leader registered to buy and sell 1 million shares of image 1 — Tan Tao ITA recorded a transaction of up to 1 million shares between two organizations related to the company's leaders. (Photo TL)

Both transactions are expected to take place between September 15 and October 14. Thus, it is highly likely that this is an internal transaction between companies related to the leadership of Tan Tao ITA.

The above transaction took place in the context of Tan Tao ITA's business results facing many difficulties. In the 2nd quarter 2023 financial statement, Tan Tao ITA recorded revenue of VND 81.3 billion, down 73.5% over the same period last year. Gross profit in the period reached VND 40.7 billion, corresponding to a gross profit margin of 50.1%.

Notably, during the period, financial revenue decreased to only 2.1 billion VND, a decrease of 79.8%. Sales expenses and business management expenses both increased, the total of these two expenses recorded during the period was 15.1 billion VND. After deducting all expenses, Tan Tao ITA's after-tax profit reached 23.9 billion VND, a decrease of 78.8% compared to the same period last year.

Tan Tao ITA's accumulated revenue in the first 6 months of the year reached 142.9 billion VND, down 61.5% over the same period. Profit after tax reached 39 billion VND, down 69.8% over the same period last year. Compared with the business plan in 2023 with revenue of 774.4 billion VND and profit of 257.3 billion VND, Tan Tao ITA has only completed 15.2% of the annual profit plan.

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