Court to auction shares of two major Sainty Marine shareholders

Sainty Marine has announced that Nanjing Intermediate People’s Court has ruled to auction all shares of the company’s two major shareholders due to personal debt issues.

The court will auction former Sainty Marine president Wang Junmin’s 2.67% equity share in Sainty Marine and former Sainty Marine director Li Jiu’s 3.2% equity share in the company.

The starting price for Wang and Li’s shares is RMB85m ($13m) and RMB102m ($15.6m) respectively.

In April, Wang Junmin was banned from the securities market for life by the China Securities Regulatory Commission.

Sainty Marine announced a plan last week to issue 2.3bn new shares to raise RMB21bn ($3.2bn) for the acquisitions of a series of assets owned by its parent Jiangsu Guoxin Group, as part of its restructuring process.