Posted December 12, 2018 17:17:30The SMM Group has seen a 20% drop in its shares following the SMM Global survey, with shares trading down 5% to US$1.4 billion.
The group’s shares had already fallen 7% in the previous two sessions after it announced it would sell some of its assets to raise cash to pay back its creditors.
In the latest report, SMM said it had found that there had been a decline in its SMM services, and that it was “very likely” that SMM would be unable to pay its creditors as soon as it returns to business in 2019.
Its shares are down 9.6% since November 30, 2016.
In a statement on Thursday, SMT said it was continuing to make the necessary preparations for its return to business, adding that the SMMU Group was continuing its efforts to develop its SMMS and other business operations.
“The SMMU group continues to be a very important partner in the SMMM network,” it said.
“We are fully confident that SMMU will be able to continue to operate in the future as well as to continue delivering value for SMM and its stakeholders.”‘
It’s the end of an era’After a year of declines, the SMMs market has witnessed another significant decline.
The market has seen more than 200 SMMs fall since the beginning of the year, while the number of SMM members has declined by more than 50% in recent months.
The decline in the market has also led to the departure of more than 30 SMM leaders from SMM.
The SMMs business is expected to see a decline of at least 25% in 2019, the group said.