You are currently viewing our desktop site, do you want to visit our Mobile web app instead?
Complete our online survey and
get 10% discount on our
Insider Gold annual subscription.
 Registered users can save articles to their personal articles list. Login here or sign up here

Trencor faces bourse suspension over delayed results – JSE

Company given until October 31 to publish interims.

JOHANNESBURG – South Africa’s Trencor, which operates marine cargo containers, could be suspended from the Johannesburg Stock Exchange (JSE) if it fails to publish it’s interim results report by October 31, the bourse said.

Trencor, which said it expects to make a loss for the six months to June, delayed its interim report after a South Korean container carrier it is linked to filed for bankruptcy, but hoped to do so on or before October 21.

Hanjin Shipping Company, which filed for bankruptcy protection, makes up almost 5% of Textainer Group Holdings’s total carrying capacity. Trencor has a 48.2% stake in Textainer.

“Currently, great uncertainty exists in relation to the potential recovery of the underlying container fleet on lease to Hanjin and an estimate of its financial effect cannot at present be made,” the company said in a statement.

The JSE said in a statement Trencor’s stock could be suspended or removed from the exchange if the firm failed to publish its interim report by the end of this month.

Trencor failed to submit its report by the end of September as stipulated by the listing requirements, the JSE said.

Hanjin, the first major shipping line to be dragged down by global industry over capacity and low freight rates, put up manpower and logistics systems, five container ships and ten overseas businesses for sale last week.

South Korea’s Hyundai Merchant Marine Co has shown interest in bidding for Hanjin’s assets used in Asia-to-US routes. 

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   0

You must be signed in to comment.

SIGN IN SIGN UP

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: