HCMC – The Hochiminh Stock Exchange (HOSE) has imposed restrictions on the trading of the ITA stock of Tan Tao Investment and Industry Corporation (ITACO) due to the company’s failure to submit its 2023 earnings report.
On April 23, the HOSE reminded ITACO of sending in its audited 2023 financial statements and annual report. The State Securities Commission (SSC) acknowledged ITACO’s request to delay its information disclosure, but ITACO did not provide sufficient documentation to justify the delay.
On June 24, ITACO responded to SSC and HOSE but failed to provide necessary evidence for the delay. The company has not published its audited 2023 financial statements, thus satisfying the criteria for trading restrictions.
Regulations specify that listed firms failing to submit their audited annual or reviewed semi-annual financial statements by more than 45 days past the deadline are subject to trading restrictions.
At ITACO’s recent annual general meeting, the board of management disclosed that no auditing firm was willing to sign off on the firm’s financial statements.
The company has reportedly sought assistance from the SSC and the HOSE to find an auditor, but so far, these efforts have been unsuccessful.
In the first quarter of this year, ITACO reported VND77.2 billion in revenue, up by 16.83% year-on-year, with net profit rising by 33.3% to VND20.18 billion.
Wrapping up the trading session today, July 8, ITA shares extended its losing streak to the third straight session, with a 3.89% decrease to VND4,690.
With 243 winners and 214 losers, the VN-Index of the HOSE moved sideways today, rising by a mere 0.04%, adding 0.52 points to 1,283.56 points.
Stock trade improved 24% in both volume and value over the previous session, with 766.9 million shares valued at around VND19.9 trillion changing hands. Block deals contributed 102.85 million shares worth more than VND2.3 trillion to the overall value.
The VN30-Index, which groups the 30 largest-cap stocks on the HOSE, barely changed, closing down by 0.35 point to 1,315.83 points with 12 gainers and 17 decliners.
PLX and GVR performed well, rising by 5.8% and 4%, respectively, while SAB, VIC and VRE fell by around 2.5% each. VCB weighed the heaviest on the benchmark index, dropping by 0.9% to VND87,200 and pulling down the VN-Index by nearly 1.1 points.
Real estate stock DXG took the lead by liquidity with more than 28.4 million shares traded. It dipped by 4% to VND14,400 per share.
On the Hanoi Stock Exchange, the HNX-Index added 0.84 point, or 0.35%, at 243.15 points. The market saw 88 stocks rising and 70 others dropping. Trading volume reached 60.76 million shares valued at VND1.35 trillion.
