Seg Samsung: South Korean investor gives up

Shenzhen Seg Samsung Glass Co., Ltd released its third-quarter fiscal report on 17 October 2009, which shows that the electronic components manufacturer incurred a loss of CNY 354 million in the perio…

Shenzhen Seg Samsung Glass Co., Ltd released its third-quarter fiscal report on 17 October 2009, which shows that the electronic components manufacturer incurred a loss of CNY 354 million in the period. Seg Samsung“s total loss reached CNY 1.324 billion in the first three quarters of 2009, falling 7822.86% from the previous year. By 30 September, its total assets amounted to CNY 1.432 billion, dropping 54.65% from the end of 2008. The company predicts that its loss is expected to be from CNY 1.35 billion to CNY 1.55 billion in the 2009 full year, also informing that its expansion plan with foreign shareholder Samsung Corning Precision Glass“ Chinese has failed. Seg Samsung therefore intends to sell out noble metals to repay short-term loans, which is expected to recover CNY 290 million.