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PR Newswire
23-04-2014, 02:01 PM
PUBLISHED APRIL 23, 2014
China Sky owners approve accounts
They also pass at AGM resolution on directors' reports
BYRAPHAEL LIM
raphlim@sph.com.sg
SUSPENDED China Sky Chemical Fibre Co could see the clouds clear soon, after its shareholders passed resolutions to receive and adopt directors' reports and audited accounts for the past three financial years at its annual general meeting yesterday.
The maker of nylon products, whose counter has been suspended from trading since November 2011, released its financial statements for the past three years last month.
"We have done whatever is necessary," said independent director Er Kwong Wah. The company announced last year-end that it had submitted a trading resumption plan to Singapore Exchange (SGX).
Investor Mano Sabnani said SGX should take notice of the shareholder approval of accounts and expedite trading.
"There is no point in punishing shareholders who are innocent," he said, adding that it could be "unduly long" if SGX wanted to wait for the Commercial Affairs Department to complete investigations.
Shares in China Sky have been suspended since November 2011, after SGX directed it to appoint a special auditor to investigate certain affairs of the company.
The firm initially refused but eventually appointed Stone Forest Corporate Advisory in October 2012. The report, released last June, said China Sky had failed to make mandatory disclosures, included wrong information in share market announcements, and had undertaken a major transaction without shareholder approval.
The company has since appointed CNP Compliance as its compliance adviser.
China Sky posted two consecutive years of net losses, with a 632.1 million yuan (S$128 million) loss in 2012, largely from impairment losses. In 2013, it narrowed its losses to 68.1 million yuan, though revenue fell 33.5 per cent year on year to 1.99 billion yuan.
It said in its 2013 annual report: "Given the uncertainties of the global business environment, directors expect to continue operating in the challenging environment for the first half of 2014."
As at Dec 31, 2013, net asset value per share was 287.51 RMB cents, against 295.86 RMB cents a year earlier.
China Sky last traded at 10.2 cents on Nov 16, 2011, before the trading suspension.
China Sky owners approve accounts
They also pass at AGM resolution on directors' reports
BYRAPHAEL LIM
raphlim@sph.com.sg
SUSPENDED China Sky Chemical Fibre Co could see the clouds clear soon, after its shareholders passed resolutions to receive and adopt directors' reports and audited accounts for the past three financial years at its annual general meeting yesterday.
The maker of nylon products, whose counter has been suspended from trading since November 2011, released its financial statements for the past three years last month.
"We have done whatever is necessary," said independent director Er Kwong Wah. The company announced last year-end that it had submitted a trading resumption plan to Singapore Exchange (SGX).
Investor Mano Sabnani said SGX should take notice of the shareholder approval of accounts and expedite trading.
"There is no point in punishing shareholders who are innocent," he said, adding that it could be "unduly long" if SGX wanted to wait for the Commercial Affairs Department to complete investigations.
Shares in China Sky have been suspended since November 2011, after SGX directed it to appoint a special auditor to investigate certain affairs of the company.
The firm initially refused but eventually appointed Stone Forest Corporate Advisory in October 2012. The report, released last June, said China Sky had failed to make mandatory disclosures, included wrong information in share market announcements, and had undertaken a major transaction without shareholder approval.
The company has since appointed CNP Compliance as its compliance adviser.
China Sky posted two consecutive years of net losses, with a 632.1 million yuan (S$128 million) loss in 2012, largely from impairment losses. In 2013, it narrowed its losses to 68.1 million yuan, though revenue fell 33.5 per cent year on year to 1.99 billion yuan.
It said in its 2013 annual report: "Given the uncertainties of the global business environment, directors expect to continue operating in the challenging environment for the first half of 2014."
As at Dec 31, 2013, net asset value per share was 287.51 RMB cents, against 295.86 RMB cents a year earlier.
China Sky last traded at 10.2 cents on Nov 16, 2011, before the trading suspension.