Cavico to be removed from NASDAQ
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Vietnamese construction firm Cavico Corp will be removed from the US NASDAQ stock market tomorrow after being late in filing its financial reports with the U.S. Securities and Exchange Commission.
Cavico has failed to file its financial reports for the fiscal year ending on December 31, 2010. After a recent meeting, Cavico’s board of directors decided not to appeal.
After being removed from NASDAQ, Cavico is eligible to be listed on Grey Market but not on Over-The-Counter Bulletin Board (OTCBB).
Cavico runs large infrastructure projects, including construction of hydropower facilities, dams, bridges, tunnels, roads, mines and urban buildings. It is also investing in hydropower facilities, cement production plants, mineral exploration and urban development projects in Vietnam.
The company employs more than 3,000 employees and has offices throughout Vietnam and one satellite office in Australia.
