Date: November 27, 2014
The IDs have assured SIAS that the Board is serious in implementing the share buy back as stated by the Chairman at the last EGM held on 29 Sept 2014 that it would be done before the next AGM.
On the approximate RMB 450m monies still being kept in the current account at The Agricultural Bank of China, the IDs are pursuing with the management of the company to place the monies in fixed deposit and SIAS has urged the IDs to relay to the Management the urgency of implementing it.
On the diversification into new businesses, the IDs have conveyed to SIAS that the Board is serious about pursing diversification and a number of projects have been evaluated at Board level but none found suitable. The Board will continue to look for a suitable business in the interest of the company.
On the non-payment of dividend, the IDs have informed SIAS that the priority of the Board at this juncture is to secure a suitable sustainable business and is conscious of the anxiety of the shareholders on the delay. The Board will continue to pursue the exercise vigorously.
SIAS has requested for a meeting with the Chairman and will advise shareholders as to when it will materialize.
David Gerald
President & CEO
Securities Investors Association (Singapore)
