Tan Duc Industrial Park, developed by Tan Tao Investment and Industry Corp., in Ho Chi Minh City. Photo courtesy of the industrial park
The Ho Chi Minh Exchange (HoSE) has decided to suspend trading of industrial park developer Tan Tao’s shares (ITA) from Sept. 26 due to repeated delays in disclosing financial reports.
The bourse said it had warned Tan Tao multiple times and placed its shares under trading restriction since mid-July, yet the firm has not published its audited financial and annual reports for 2023 or its reviewed half-year report for 2024.
Tan Tao explained in a document last month that it has been unable to find a firm to audit its reports after the State Securities Commission suspended four auditors who had audited its 2021, 2022, and 2023 half-year reports.
It contacted 30 audit firms, but all declined, fearing that their auditors would also be suspended. The developer has also requested that HoSE lift the trading restriction on its shares.
Tan Tao’s shares have been declining over the last two years and trading below par, closing the week at VND2,770 (US$0.11).
Nguyen Thanh Phong, Tan Tao’s CEO, said at the annual general meeting in July that the firm faced difficulties two years ago due to provisions for bad debts and the liquidation of a land lease contract for a thermal power project, but it made a profit last year.
Dang Thi Hoang Yen, the firm’s chairwoman, attributed the decline in share prices since 2022 to sabotage by entities seeking to acquire Tan Tao.
