Related companies Chairwoman Dang Thi Hoang Yen stopped buying ITA shares right before being suspended

The company related to Chairwoman Dang Thi Hoang Yen did not buy ITA shares as registered.

Recently, on September 16, 2024, the Ho Chi Minh City Stock Exchange (HoSE) moved ITA shares of Tan Tao Investment and Industry Corporation from restricted trading to suspended trading. The reason was that the listed organization repeatedly violated information disclosure regulations.

The company related to chairwoman Dang Thi Hoang Yen stopped buying ITA shares right before the stock was suspended from trading (Photo TL)

Notably, right before ITA shares were suspended from trading, a company related to Chairwoman Dang Thi Hoang Yen stopped buying ITA shares.

Specifically, Tan Dong Phuong Construction and Development Investment JSC, a unit related to Ms. Dang Thi Hoang Yen, registered to buy 5,806,751 from August 26 to September 24, 2024. However, during that time, the company could not buy any ITA shares.

Tan Dong Phuong's stake in ITA remains at 11.84% after the transaction. The reason given was that the market situation was not suitable.

According to actual records, since the beginning of 2024 until now, ITA shares have continuously lost value due to unfavorable information. ITA shares' price has decreased from 6,510 VND/share at the beginning of the year to just over 2,400 VND/share at the session on September 25, 2024.

ITA profit increase not coming from core business

Regarding business activities, Tan Tao Investment and Industry Joint Stock Company is a company associated with the name of businesswoman Dang Thi Hoang Yen. The company's main activities include investing, developing, constructing, and commercially exploiting industrial parks, providing support services in industrial parks...

Currently, ITA is the investor of a series of famous industrial parks such as Tan Duc Industrial Park, Tan Tao Industrial Park, Tan Tao Industrial Park - Long An ...

In the second quarter of 2024, Tan Tao ITA achieved revenue of VND 70.9 billion, down 12.9% over the same period. Profit after tax reached VND 44 billion, up 84.4%. Gross profit in the period decreased by 25.4%, causing the gross profit margin to also decrease from 50.1% to only 42.9%.

It is worth noting that the increased profit during the period did not come from core business activities but from negative financial expenses of VND20.9 billion. In addition, business management expenses were also sharply reduced to just under VND3 billion.

Accumulated net revenue for the first 6 months reached VND142.2 billion. Profit after tax reached VND64.2 billion, an increase of 64.6%. Compared to the business target of 2024, the company has only completed 36.1% of the annual profit plan.

Source: https://www.congluan.vn/cong-ty-lien-quan-chu-tich-dang-thi-hoang-yen-dung-mua-co-phieu-ita-ngay-truoc-khi-bi-dinh-chi-post313817.html