TAR shares delisted from May 21
TAR shares delisted from May 21
The Hà Nội Stock Exchange (HNX) has issued a decision to delist TAR shares of Trung An Hi-Tech Farming JSC from compulsory listing.
Workers pack rice bags at a plant of Trung An Hi-Tech Farming. — VNA/VNS Photo |
As a result, more than 78 million TAR shares will be delisted on May 21. The last trading day will be on May 20.
HNX said that the reason for the delisting is the audit firm's refusal to provide an opinion on TAR's separate and consolidated financial statements for 2023, which falls under the compulsory delisting provision according to Decree 155.
According to the audited consolidated financial statements, the auditing company AASCS has declined to express an opinion on TAR's report.
AASCS said that it is awaiting verification results from the relevant authority regarding issues raised in the conclusions of the inspection conducted by the State Securities Commission on September 13, 2023.
These issues include the ownership of 15 million TAR shares in a private placement, the documentation for the private placement registration in 2021 and the accuracy of the disclosed inventory figures in the audited financial statements for 2022, which amount to nearly VNĐ1.3 trillion (US$49.4 million).
The audit firm cannot assess the impact of these issues on the company's 2023 financial statements. The issues remain unresolved and affect the company's consolidated financial statements.
Additionally, the parent company did not conduct an inventory count as of December 31, 2023, and AASCS cannot verify the inventory amounts of over VNĐ965.37 billion on the consolidated financial statement.
While the subsidiary company conducted an inventory count, AASCS cannot verify the inventory amounts of VNĐ112.66 billion as of December 31, 2023.
According to TAR's recently published annual report for 2023, the company has outlined its investment plans for 2024, which will focus on four projects.
They are a project to cultivate and process high-quality rice for export on 15,000 hectares of land and a waste-to-energy plant project in Phú Yên Province, a project to cultivate high-quality, low-emission rice on 50,000 hectares of land in Kiên Giang Province, and another waste-to-energy plant project in Sóc Trăng Province.
Currently, trading of TAR shares are subject to be restricted on HNX since October 30, with trading only allowed on Fridays.
