Facing the risk of being the first listed company going bankrupt, Saplastic is still waiting for its US counterpart
HNX: SPP ) to suddenly lose 720 billion VND and make accumulated loss to 690 billion VND, equity to negative 438 billion VND. SPP shares are therefore subject to compulsory delisting on HNX.
This plastic company has just released a document explaining the cause of the delisting and offering a solution to this situation.
Failure in the factory project of 1,200 billion VND with BIDV and Mitsui
In 2019, the company plans to expand production and invest in a Saplastic factory in Long An with a total investment of 1,200 billion VND, the most modern in the East. South Asia. However, the plan to build the factory did not come true due to the change from the banks and investors.
“BIDV promised to issue bonds of 600 billion dong to c to implement the factory project in Long An, but then the bank unilaterally terminated the commitment. Since then, Japanese investor Mitsui did not agree to continue to plan to buy controlling shares and contribute capital of 600 billion dong. In addition, BIDV also requested Saplastic to have a roadmap to reduce the loaning rate from 450 billion VND to 300 billion VND ”, written explanation by Saplastic.
To overcome the difficulties, Saigon Plastic Packaging said it has worked with SCB bank to raise capital for the project. This bank promised to grant a limit of 150 billion dong but slowly disbursed and disbursed only 130 billion dong. The incident caused the company to mobilize all available financial resources to implement the project contract. Therefore, the company said that there are no financial resources to serve production and business activities, pay debts and interest, and reinvest in production.
At the end of 2019, the company has debt and interest at many banks such as the balance at BIDV is 399 billion dong, Agribank is 50 billion dong, HDBank is more than 35 billion dong, Indovina is nearly 30 billion dong, NCB is nearly 130 billion dong ...
Saplastic failed in the investment in Saplastic plastic factory in Long An.
Another reason is that the Covid-19 epidemic caused all materials manufactured from China to be suspended from import, the company had no source of raw materials, and the company could not produce customer orders. .
It should also be noted that the Covid-19 epidemic broke out in China in early 2020, while the company stated this as the reason for the company's troubles in 2019.
On November 26, 2019 , the court open bankruptcy proceedings with Saplastic at the request of Tan Viet Sinh Production and Trade JSC. On November 29, 2019, the court appointed Sen Viet Asset Management and Liquidation Partnership as an asset management and liquidation enterprise. The company is in the process of implementing with the court and Sen Viet company according to the regulations. This will be the first company to implement this procedure while being listed on the stock market.
SPP says these reasons that the business situation of the company is very difficult, the total accumulated losses have exceeded the number of charter capital contributed in an audit report 2019.
Still pending cooperation with PHI Group
terms The business recovery project, Saplastic said that it was trying to persuade and wait for the investor of PHI Group to accelerate the progress and roadmap of the two sides. Due to the complexities of the epidemic in the United States, cooperation is temporarily interrupted.
In its review report for the first 6 months of 2019, this packaging company mentioned that it is working with its partner, PHI Group, Inc. of the US to attract investment capital, with a plan to sell 51% capital and earned about 50 million USD. With the proceeds, the company can use it to serve production and business activities and to repay bank debts.
"It is expected that PHI Group will continue the capital contribution roadmap for the first phase after the disease situation is improved and the economic opening policies are restored to normal", the document wrote.
The plastic industry company said that business is difficult, bankruptcy is not desirable. Accordingly, if HNX considers the current status of the company no longer eligible for listing, Saigon Plastic Packaging still strictly complies with the regulations.
In the event that the disease is under control, economic activities are back to normal, and investors continue to cooperate, the company will list again when business is restored and eligible to be listed. listing.
http://f319.com/threads/spp-thuong-vu-m-a-voi...873/page-6
HNX: SPP ) to suddenly lose 720 billion VND and make accumulated loss to 690 billion VND, equity to negative 438 billion VND. SPP shares are therefore subject to compulsory delisting on HNX.
This plastic company has just released a document explaining the cause of the delisting and offering a solution to this situation.
Failure in the factory project of 1,200 billion VND with BIDV and Mitsui
In 2019, the company plans to expand production and invest in a Saplastic factory in Long An with a total investment of 1,200 billion VND, the most modern in the East. South Asia. However, the plan to build the factory did not come true due to the change from the banks and investors.
“BIDV promised to issue bonds of 600 billion dong to c to implement the factory project in Long An, but then the bank unilaterally terminated the commitment. Since then, Japanese investor Mitsui did not agree to continue to plan to buy controlling shares and contribute capital of 600 billion dong. In addition, BIDV also requested Saplastic to have a roadmap to reduce the loaning rate from 450 billion VND to 300 billion VND ”, written explanation by Saplastic.
To overcome the difficulties, Saigon Plastic Packaging said it has worked with SCB bank to raise capital for the project. This bank promised to grant a limit of 150 billion dong but slowly disbursed and disbursed only 130 billion dong. The incident caused the company to mobilize all available financial resources to implement the project contract. Therefore, the company said that there are no financial resources to serve production and business activities, pay debts and interest, and reinvest in production.
At the end of 2019, the company has debt and interest at many banks such as the balance at BIDV is 399 billion dong, Agribank is 50 billion dong, HDBank is more than 35 billion dong, Indovina is nearly 30 billion dong, NCB is nearly 130 billion dong ...
Saplastic failed in the investment in Saplastic plastic factory in Long An.
Another reason is that the Covid-19 epidemic caused all materials manufactured from China to be suspended from import, the company had no source of raw materials, and the company could not produce customer orders. .
It should also be noted that the Covid-19 epidemic broke out in China in early 2020, while the company stated this as the reason for the company's troubles in 2019.
On November 26, 2019 , the court open bankruptcy proceedings with Saplastic at the request of Tan Viet Sinh Production and Trade JSC. On November 29, 2019, the court appointed Sen Viet Asset Management and Liquidation Partnership as an asset management and liquidation enterprise. The company is in the process of implementing with the court and Sen Viet company according to the regulations. This will be the first company to implement this procedure while being listed on the stock market.
SPP says these reasons that the business situation of the company is very difficult, the total accumulated losses have exceeded the number of charter capital contributed in an audit report 2019.
Still pending cooperation with PHI Group
terms The business recovery project, Saplastic said that it was trying to persuade and wait for the investor of PHI Group to accelerate the progress and roadmap of the two sides. Due to the complexities of the epidemic in the United States, cooperation is temporarily interrupted.
In its review report for the first 6 months of 2019, this packaging company mentioned that it is working with its partner, PHI Group, Inc. of the US to attract investment capital, with a plan to sell 51% capital and earned about 50 million USD. With the proceeds, the company can use it to serve production and business activities and to repay bank debts.
"It is expected that PHI Group will continue the capital contribution roadmap for the first phase after the disease situation is improved and the economic opening policies are restored to normal", the document wrote.
The plastic industry company said that business is difficult, bankruptcy is not desirable. Accordingly, if HNX considers the current status of the company no longer eligible for listing, Saigon Plastic Packaging still strictly complies with the regulations.
In the event that the disease is under control, economic activities are back to normal, and investors continue to cooperate, the company will list again when business is restored and eligible to be listed. listing.
http://f319.com/threads/spp-thuong-vu-m-a-voi...873/page-6
