Greater ChinaShipyards

Sainty Marine to extend stock suspension

Sainty Marine has announced that it has applied with Shenzhen Stock Exchange to extend its stock suspension, as it requires additional time to work on a rescue plan.

The yard has suspended stock trading since August 6. The company said it still has disagreements with the receiver of Mingde Heavy Industry regarding the liquidation procedures, and it is still unsure how much debt it will recover.

Meanwhile, the yard said it is still doing audit work for its financial results for 2014. The company’s stock trading has already restricted since April this year as its accounting firm was unable to give a view of its financial statements which is a breach of local listing rules. Sainty Marine said it will be delisted from the stock exchange if the same issue occurs for its 2015 financial report and it is making efforts to avoid delisting.

Sainty Marine has applied to resume stocking trading and announce the rescue plan by February 6, 2016.

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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