Date: March 2, 2010
Mr. Sam Chong Keen advised that he has visited the Company’s operations in Fuzhou, has contacted Mr. Sun Jiang Rong and the PRC management, and has so far obtained their cooperation and assurance on the matters that now are of great concern to the Board and shareholders.
The Chairman assured me that the Board’s current priority is to secure the Company’s assets and bank accounts of its China subsidiaries and is, therefore, focusing on working towards achieving this objective.
He also advised me that the Board is trying to resolve the Company’s problems systematically given the prevailing difficult circumstances.
The Board and the CEO will be visiting Fuzhou later this month to meet up with Mr. Sun Jiang Rong and the PRC management to inspect the plants and other assets of the Company. They have invited me, on behalf of the minority shareholders, to be present in Fuzhou.
I am of the view that the Board and the CEO are on the right path and the Company’s minority shareholders should allow them sufficient time to accomplish their objectives. In the meantime, SIAS has asked the Board and the CEO to keep the shareholders informed of important developments.
President & CEO
Securities Investors Association (Singapore)