Shares of real estate developer Tan Tao are suspended from the main stock exchange

The stock exchange said it had warned Tan Tao several times and imposed a trading restriction on the company’s shares since mid-July, but the company had not published its audited financial and annual report for 2023 or its audited half-year report for 2024.

Tan Tao said in a filing last month that it had failed to find a company to audit its reports after the State Securities Commission suspended four auditors who had audited its 2021, 2022 and 2023 half-year reports.

The company contacted 30 accounting firms, but all of them declined, fearing that their auditors would also be suspended. The project developer also asked HoSE to lift the trading restriction on its shares.

The value of Tan Tao’s shares has been declining over the past two years, trading below par, ending the week at VND2,770 (USD0.11).

Nguyen Thanh Phong, Tan Tao’s chief executive, said at the annual general meeting in July that the company ran into difficulties two years ago due to provisions for bad debts and the liquidation of a thermal power plant lease, but turned a profit last year.

Dang Thi Hoang Yen, the company’s chairwoman, attributed the decline in share price since 2022 to acts of sabotage by companies seeking to take over Tan Tao.