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 is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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