That's another strange thing about the financial management of this company. If management believed the stock was really trading at 1/10 of book value, why wouldn't they just repurchase all the shares and make 900% on their money?
Suppose a company did a stock offering and got $100MM, then in a short time for some reason the market value of the company went to $10MM, but the book value was still $100MM. Wouldn't it make sense to repurchase the shares for $10MM and make $90MM on the repurchase? There would be no better way for management to use company funds other than buying back all the outstanding shares.
The problem is, this company might go down the drain. They got this new factory building now and they can move in however it doesn't help 'em since they don't have the equipment yet and they don't have the money to buy it.
They admitted themselves there was hardly a possibilty to get the money from government and that they still don't know how to raise it. So unfortunately the dream simply could stop before it begun very soon.
I invested a lot into shares of this company but at the moment I am afraid I might lose all of it. It was not one of my best ideas to invest into a company and a country which we really don't have absolutely reliable informations about and too little insight and understanding of their culture.