"The unaudited financial results of the Group for 3Q2014 is expected to report a small loss before taxation as compared to a profit before taxation for the third quarter ended 30 September 2013 (“3Q2013”). The loss was mainly due to the decrease in demand for the Group’s fabric processing services by customers."
Small loss also need to announce as profit guidance, meh?
Oh, this is a sign of transparency & corp governance?
just hang on.Waiting for the company to implement their diversification. You cannot predict when it will happen.JUst stay invested.As long as the cash is real and there are safeguards I just hang on.
Will Greenrockie do a search online to confirm the amount of tax paid by Fibretech, so we know if at least that key aspect of the business financial statements is real? TQ!
The Independent directors cannot give excuses anymore.
They have to start acting on promises made.
Now they have been pressured to do something as SIAS have close link with SGX.
SIAS updates SGX and always check matters pertaining to corporate governance with SGX,
SIAS is a collective voice whereas retail investors are individual voices.Now the voice has become louder with the help of SIAS.
SIAS have their experts and lawyers to defend retail investors interest.
Independent directors based in singapore have their credibility at stake to act on promises made.
SIAS pressuring the company to deposit money on FIXED deposit for higher interest yield if there is no diversification yet.
Implement the share buyback without delay
Come with a diversification plan soon
Consider paying dividends.
Independent directors reputation is under public scrutiny as the information has reached the press. No more making promises then hiding after the AGM.
Money is real
Share buyback is coming
Diversification cannot be taking too long as SIAS will be monitoring the progress.
Not only China Fibretech board and management reputation at stake also the reputation of SIAS as they have taken up the case.
At least now we are reassured by the intervention of SIAS share buyback and diversification are coming soon.
Next AGM about 5 months away and in the meantime SIAS will be monitoring the situation as SIAS has requested to see the Chairman soon.
Just hang on to the shares as we cannot predict when the announcements will come but definitely before the next AGM. We have been reassured by the Independent directors that share buyback will take place before the AGM as promised by the Chairman. Hopefully the diversification too as SIAS has pressured the Independent Directors to come with a plan soon.
Lets be reassured that the matter has been taken up at a higher level now and China Fibretech is in the spotlight of SIAS and SGX.
China Fibretech cannot drag their feet on the promises made anymore as they have been closely watched.
With announcements of new development the price of the shares should shoot up pass 10c.
If no announcement comes then SIAS reputation is at stake as members can question the effectiveness of SIAS.
China Fibretech management now will be under pressure from the retail investors,SGX and SIAS.
NB:
The Board of Directors of China Fibretech Limited (the "Company") wishes to announce that the Independent Directors of the Company, Mr Lim Yoke Hean and Mr Low Wai Cheong have met with Securities Investors Association (Singapore)("SIAS") on 27 November 2014 together with the Company's Senior Finance Manager, Mr Mak Chi Shing. The Company has been informed that the following press statement has been released by SIAS and the Board therefore wishes to disseminate the information contained therein to investors and shareholders and append below the press statement released by SIAS as advised to the Board:
"Securities Investors Association (Singapore)
27 November 2014
Dear Editor,
Shareholders' Queries on China Fibretech
SIAS met with Independent Directors (IDs) Mr Lim Yoke Hean and Mr Low Wai Cheong and Senior Finance Manager Mr Mak Chi Shing of China Fibretech at SIAS office to discuss the serious concerns of the shareholders which are, the share buy back mandate which has not been utilized to-date, the approximately RMB 450m kept in current account with The Agricultural Bank of China, the delay to diversify into new businesses and, finally, the non payment of dividends.
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)
"Auditing procedures for Chinese companies have been strengthened considerably since the Sino-Forest accounting scandal in 2011. CCBC believes this has not been sufficiently appreciated by investors. External auditors can now check bank balances independently every quarter."
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