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One more company, in trouble. The company market cap is about S$43 mil...

(not vested)

Auditors cast doubts on China Kangda Food Company’s ability to continue as a going concern

SINGAPORE (Mar 24): BDO Limited and BDO LLP, the auditors of China Kangda Food Company, has reported an emphasis of matter for the company’s financials for FY14 ended Dec.

In a filing to the Singapore Exchange, BDO says China Kangda had incurred a net loss of RMB7.1 million ($1.6 million) for FY14, and as end Dec, the group’s liabilities exceeded its current assets by RMB58.3 million.

“These conditions ... indicate the existence of a material uncertainty which may cast significant doubt about the Group’s ability to continue as a going concern,” concludes BDO.

China Kangda Food produces, processes, distributes, and sells food products on the Mainland.

Its stock last traded at 10 cents.
Mandatory Unconditional Cash Offer upon the completion of the deal : HK$1.34 a share ~ S$0.24 per share.

China Kangda Food's chairman and others rid 69.18% stake at HK$1.34/shr

Tuesday, May 2, 2017 - 10:08

DUAL-listed China Kangda Food Company said six of its shareholders and Japan-incorporated Zensho Holdings have agreed to sell an aggregate of 299.52 million shares, representing a 69.18 per cent stake, in the company for HK$401.35 million.

The sale of China Kangda - a company involved in the breeding and sale of livestock, poultry and rabbits - to China Tian Yuan Manganese translates to HK$1.34 a share and values the company at HK$580.15 million.

At HK$1.34 a share, the sale price is at a 44.63 per cent discount to the closing price of HK$2.42 a share on the Hong Kong Stock Exchange on April 21, 2017, the last trading day.

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