South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) is to resume its stock trading on the Korea Stock Exchange Market this week following a period of suspension, Yonhap News Agency reported.
Last week, the Korea Exchange held a meeting to decide whether the financially troubled company is eligible to be listed.
As a result, it was decided that the trading suspension of the shares of DSME will be canceled on October 30 due to improved financial performance, the company filing shows.
In July 2016, trading of DSME’s shares was stopped due to deficit net worth. The company was given a one-year rehabilitation period to improve its financial status.
The restructuring plan, revealed in late March 2017, sets out three key principles – debt restructuring, financial assistance and bearing the burden of losses by all stakeholders.
In the first half of 2017, the company managed to return to black as its income was KRW 1.49 trillion, against a net loss of KRW 1.18 trillion seen in the six-month period of 2016.
World Maritime News Staff