A lengthy QnA in response to SGX Query (note that the JV Partner is actually refers to one individual).
The JV Partner was introduced by Mr. Pang Pok by Mr Cheang Sin Kwong, being the former head of F&B division of the Group.
The former head of F&B has since left his employment with the Group for personal reasons.
The Company wishes to inform that certain members of the Board, namely Mr. Pang Pok, the Executive Director and Chief Executive Officer, Mr. Liu Changsheng, the Non-Executive and Non-Independent Director, have visited the JV Partner’s holdings companies’ operations and head office in China on a number of occasions, prior to the COVID-19 outbreak.
Mr. Pang Pok had also taken steps to understand more about the JV Partner’s background through a mutual business associate, who was based in China for 30 years.
The Board further understands from the management that information in relation to the JV Partner as set out in Paragraph 3 of the Announcement was provided and confirmed by the JV Partner.
As part of its considerations in entering into the JV agreement, the Board took into account the rationale and benefits for entry into the Joint Venture as set out in the Announcement and further noted the relatively low risk exposure for the Company in entering into the Joint Venture, with such risk exposure being the HKW Loans which, in any event, was to be extended at such juncture and tranches to be determined in HKW’s sole discretion.
https://links.sgx.com/FileOpen/Ann%20-%2...eID=634961
Stay home and stay safe, everyone.