HOSE has issued a decision to delist the shares of Tan Tao’s Investment and Industry Corporation (TanTao Corporation; HoSE: ITA). Under the decision, all 938.4 million ITA shares with face value of VND9.384 trillion will be delisted from February 4. The stock has been suspended from trading since September 26, 2024.

HOSE stated that Tan Tao seriously violated information disclosure obligations, and its shares must be delisted per current regulations.

In an announcement on January 17, HOSE said Tan Tao still had not disclosed required information, including its 2023 audited financial statement, 2023 annual report, reviewed 2024 semi-annual financial statements, and the HCM City Court’s bankruptcy initiation decision.

Tan Tao many times asked for permission to delay financial disclosures due to various reasons, but the State Securities Commission (SSC) in its two responses clearly stated that the company did not provide documents or evidence to support the claimed "force majeure reasons".

Regarding the reason behind delays in financial disclosures, Tan Tao said it had tried to contact and invite 30 auditing firms, but had failed. These were all firms licensed to audit companies with public interest in the securities sector in 2023.

The reason, according to Tan Tao, was the SSC’s decision to suspend auditors who audited Tan Tao’s financial report in 2021 and 2022, and reviewed the 2023 bi-annual financial report, which caused hesitation among auditing firms.

Currently, Tan Tao Corporation has charter capital of VND9.384 trillion. The chairwoman of the Board of Directors is Dang Thi Hoang Yen (also known as Maya Dangelas). ITA shares entered the bourse in November 2006.

In related news, the Binh Tan district Taxation Sub-department under the HCM City Department of Taxation in late November 2024 publicly named 231 individuals and businesses that had not paid tax. As of November 15, 2024, the total amount of money owed by individuals and businesses in Binh Tan district had reached VND542.3 billion. Tan Tao Corporation topped the list with the unpaid amount of VND127 billion.

Tan Tao was established in 2002. Developing Industiral Zones (IZ) and IZ services is its major business field. In addition, it invests in housing real estate.

TanTao’s 2024 second-quarter consolidated financial statements showed that the company had revenue of VND70.8 billion in the quarter. Its gross profit was VND30.4 billion, down 25 percent from the same period in 2023.

Explaining the 25 percent decrease, Tan Tao said the company was seriously affected by the information about the HCM City People’s Court’s decision on opening bankruptcy proceedings in 2018 which led to many banks refusing to provide loans.

Manh Ha