HCMC – The Hochiminh Stock Exchange (HOSE) has announced its decision to delist over 938 million ITA shares of Tan Tao Investment and Industry Corporation due to violations of information disclosure regulations, according to the local media.
The reason is that Tan Tao failed to submit its statements as required, including the audited 2023 financial statement, the 2023 annual report, the reviewed 2024 semi-annual financial report, and the HCMC People’s Court’s decision to initiate bankruptcy proceedings.
Previously, the firm requested a delay in disclosing the audited 2023 financial report, the 2023 annual report, and the reviewed 2024 semi-annual financial report, citing force majeure.
However, the State Securities Commission of Vietnam wrote to Tan Tao in June and October 2024, stating that the company had not yet provided the necessary documents or evidence to support its force majeure claim.
On September 16, 2024, HOSE issued a letter to Tan Tao, urging the company to rectify its information disclosure violations. It warned that if the delays were not addressed, ITA shares would face compulsory delisting.
However, since the suspension of ITA shares on September 26, 2024, Tan Tao has not rectified the violations, which may persist and continue, leading to a serious breach of disclosure rules and impacting shareholder rights.
As a result, HOSE has decided to proceed with the compulsory delisting of ITA shares.
Regarding the stock market today, the southern market held onto its gains, marking a fourth consecutive session of increases. However, with weak liquidity and a lack of leading stocks, the VN-Index failed to reach the 1,250-point mark.
The Hochiminh Stock Exchange on January 20 saw 176 stocks advance and 240 others decline, with its index gaining 0.44 point, or 0.04%, against the previous session to close at 1,249.55 points.
Nearly 441 million shares worth VND9,995 billion were transacted, up by 1.85% in volume yet down by 2.76% in value compared to the final session last week. Block deal transactions contributed around 84.3 million shares worth a total of VND2.2 trillion.
The VN30 basket ended the session up nearly 3.5 points, with 13 stocks rising and 14 falling. POW experienced the largest decline, dropping 1.3%, while VCB weighed most heavily on the index, subtracting more than one point from the overall index and closing down 0.9%.
Conversely, other bank stocks, such as HDB, MBB, and TPB recorded the strongest gains in the group.
On the northern exchange, the HNX-Index inched down by 0.79 point, or 0.36%, at 221.69 points, with 48 winners and 100 losers. The total trading volume reached 40 million shares valued at VND652 billion.
