PSG: Explanation for reasons and solutions to securities put into delisting case

Saigon Petroleum Construction and Investment JSC have explanation for reasons and solutions to securities put into delisting case approved on 18 April 2014 as follows:

Based on the audited financial statement 2011, 2012, 2013 (consolidated), the Company lost in 3 consecutive years and accumulated loss exceeded the charter capital of the Company. The reason was in 2011 when most of construction projects were bound to finish, the loans for constructions were tightened; input material expense and interest rate rose. In 2012, 100% of the Company’s construction projects had to stop and were handed over to other contractors. The constructions in progress did not come to a payment agreement with investor.

The Company would attempted to overcome the difficulties, transfer the projects to pay the bank loans and customer debts, look for new work in order to break even and make profit in the next years

HNX

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