Pacific Andes Has One Year to Release Forensic Audit and Re-Enter Hong Kong Stock Exchange
SEAFOODNEWS.COM [SeafoodNews] by John Sackton July 27, 2018
Pacific Andes has been suspended from trading on the Hong Kong stock exchange since November, 2016. The exchange recently updated its rules so that unless Pacific Andes can comply with regulatory requirements by August 1, 2019, it will be permanently delisted.
The company is operating under US chapter 11 bankruptcy. In a statement Pacific Andes said that they were having trouble raising operating capital.
Their factory in Qingdao sold 21.8 million pounds of fillets and portions in the first half of 2018, but this figure is down from the prior year.
Overall, the company reported a 35% decrease in sales of frozen fish and portions
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