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Biz News Korea(Eng)

Suspended DSME stock under eligibility scrutiny

Collected: 2016.08.30

Distributed: 2016.09.01

Source: Go Direct

The fate of shares of South Korea’s troubled Daewoo Shipbuilding & Marine Engineering Co. (DSME) suspended since July 15 would be decided after the Korea Exchange scrutinizes the shipbuilder for eligibility as a member of the main Korea Composite Stock Price Index (Kospi) market over the next 20 working days.

Based on the review result, the exchange operator KRX would decide whether to delist the company or give it a second chance to fix its balance sheet. The company was suspended since last month after found for committing accounting fraud.

Financial Services Commission Chairman Yim Jong-yong recently brushed aside the possibility of delisting the shipbuilder saying creditors led by the state-run Korea Development Bank are determined to normalize the company.

The company instead could be given a yearlong period plus one-year extension to improve its balance sheet. But shares could stay suspended for lengthy period.

By Park Yun-gu

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