Shenzhen-listed Sainty Marine has announced that it has suspended stock trading in order to avoid volatility in its stock price, as the yard works on a plan to deal with its current financial crisis.
In a release Sainty Marine said its total overdue loans have accumulated to RMB616.89m ($99.4m). It could also lose up to RMB2.9bn ($473m) after it failed to restructure Mingde Heavy Industry, which has led to the bankruptcy of the latter.
The company currently has RMB23.8m ($3.83m) worth of bank assets frozen by its creditors.
Sainty Marine has prepared RMB1.012m ($163m) in total for the losses it might face from the projects where it worked with Mingde Heavy Industry.