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October 13, 2016

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Shipyard warns of looming delisting

SAINTY Marine Corp, a Shenzhen-listed shipbuilder, yesterday warned investors of an impending delisting and bankruptcy after suffering nearly three years of losses.

The warning also suggested a high possibility that its restructuring plan may fail, Sainty Marine said in a notice.

From January to September, the shipbuilder posted a net loss of between 950 million yuan (US$141 million) and 1.1 billion yuan, while by the end of June its net assets had a negative worth of 6.3 billion yuan.

Sainty Marine has been suspended from trading since August 8 when it announced its restructuring proposal. In September, Sainty Marine presented its restructuring proposal which seeks to convert 7.1 billion yuan from its debts into equities to be traded in the stock market.

But the proposal hasn’t been approved by the China Securities Regulatory Commission.

If there’s no approval by the end of this year, Sainty Marine said its restructuring proposal will fail and its shares will be delisted. The shipbuilder will then have to declare bankruptcy.


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