P.M. BRIEFING : Qintex in Deep Dive, Suspended
Troubles continued for Australia’s Qintex Australia Ltd. as its stock lost half its value and the Australian Stock Exchange suspended trading in the shares today following the bankruptcy filing of its U.S. affiliate Friday.
The unwillingness of television tycoon Christopher Skase, head of Qintex, to reveal his company’s exposure to the U.S. unit, Qintex Entertainment, led the Australian Stock Exchange to suspend trading in Qintex’s Australian stock.
Qintex Australian shares plunged to 16 cents, valuing the company at only $21 million, after closing Friday at 33 cents. The suspension came after the close of business.
“Share prices normally tell you something,” said one longtime Qintex Australia supporter at a brokerage firm who did not wish to be identified. “I’m not as happy about the company now as I was before.”
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