Sainty Marine suspends stock trading to work on rejuvenation plan

Sainty Marine suspends stock trading to work on rejuvenation plan

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.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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