Saturday, September 16, 2017 5:22:14 PM
In the last 10-Q (i forget which page), there was mention in one paragraph of how SINO ("seller") was going to provide various services to Zhiyuan -- beyond the usual inland transport gigs they've been doing for Zhiyuan the past several years-- namely, to help Zhiyuan rehabilitate the failed Malaysian steel co. Perwaja Steel, a subsidiary of Perwaja Holdings.
Perwaja, as many expected, was finally de-listed from the Malaysian stock exchange on May 30, 2017. It had been failing for years and was kept going at one point by some "special favors" from a previous regime that fell out of favor.
But from reading message board posts by "burned" investors in bankrupt, de-listed Perwaja, some of them spoke of how Perwaja was "too big to fail," and would continue on as a private enterprise even after being de-listed.
Now the "white knight" venture capital group Zhiyuan was going to try to save Perwaja before it was de-listed, but evidently the deal fell apart and Perwaja could not be saved from de-listing.
But now i'm thinking that Zhiyuan, and thus Sino-Global, may still be involved with Perwaja.
But maybe NOT. (It's hard to find any current news on the internet about how a private Malaysian steel company is presently functioning or not!)
If the deal fell apart altogether and no commissioned work had occurred, then SINO is likely owed some advanced monies from Zhiyuan.
However, if their project is in fact moving forward, it could mean a lot of extra revenue for SINO beyond their usual gigs with Zhiyuan.
So this is one of the things i'm hoping to get more info about in the fine print of the 10-K this week (assuming it's out this week along with the yearly report PR).
I'm not getting my hopes up, but it would be really sweet if the project is still happening!
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