Tan Tao Investment and Industry Corporation (HoSE: ITA) is set to face mandatory delisting of its ITA shares due to persistent violations in information disclosure, which have not been rectified since the suspension of trading.

The Ho Chi Minh City Stock Exchange (HoSE) recently announced plans to delist ITA shares following the company’s repeated failures to comply with regulations.

Tan Tao’s shares have been under three levels of regulatory scrutiny.

First, the shares were placed under warning due to the company’s failure to disclose required information at least four times within a year.

Second, ITA shares were placed under control after the company delayed the submission of its reviewed semi-annual financial report for 2024 by more than 30 days beyond the deadline.

Third, trading of ITA shares was suspended on September 26, 2024, as the company continued to violate disclosure regulations despite being restricted from trading.

To date, Tan Tao has failed to disclose key information, including its audited financial statements and annual report for 2023, the reviewed semi-annual financial statements for 2024, and the decision by the Ho Chi Minh City People’s Court to initiate bankruptcy proceedings against the company.

Although the company requested to postpone disclosure citing force majeure reasons, the State Securities Commission rejected the request twice, citing the lack of supporting evidence.

In September 2024, HoSE urged Tan Tao to address its violations promptly, warning that ITA shares would face mandatory delisting if the company failed to comply.

As the violations remain unresolved, HoSE has now moved forward with the delisting process, highlighting the potential long-term harm to shareholder rights.

Founded in 2002, Tan Tao focuses on industrial park development and related services, while also investing in residential real estate. ITA shares were listed in 2006, and the company currently has charter capital of approximately 9.4 trillion VND. Its chairwoman, Dang Thi Hoang Yen, also known as Maya Dangelas, is a notable figure in Vietnam’s business community.

Anh Phuong