Seafood company delists due to low share value

Seafood processor Gentraco (GFC) will ask its shareholders to delist shares and terminate the status of a public company during its annual meeting tomorrow.

The company said that due to the overall impact of the economy along with its own difficulties, its share price in the stock market constantly declined to the current VND3,000 (US$0.14) per share.

Therefore, Gentraco could not raise capital through the stock market as well as enhance the interests of shareholders because of the low market value.

In addition, the Ha Noi Stock Exchange can delist the stock due to its low liquidity and being put under special warnings and control. Hence, the company will volunteer to cancel listing.

Gentraco expects revenue and profit this year will reach only VND779 billion ($37 million) and VND254 million ($12,000). 

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