The Carlyle Group has ended its presence on the board of China Fishery Group almost four months after declining to take part in a rights issue by the fishing company, China Fishery says on Monday. Patrick Siewert, a board appointee of Carlyle fund CAP III-A, resigned as a non-executive director of China Fishery on Aug 29. His alternate, Janine Feng Junyuan, also stepped down.
Mr Siewert cited competing time commitments as well as CAP III-A's reduced shareholding in China Fishery for his resignation, China Fishery said. The fund did not take part in an April rights issue, diluting its stake to 6.16% from 11.09%.
The departing director sat on the board's audit and risk and investment committees. He also championed the establishment of a corporate social responsibility committee on the board, China Fishery says.
Shares in China Fishery and its parent, Pacific Andes International Holdings, have come under pressure since Aug 21 after the companies said that they were being investigated by regulators in Singapore and Hong Kong.
China Fishery shares closed at 5.9 Singapore cents on Friday.
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Mr Siewert cited competing time commitments as well as CAP III-A's reduced shareholding in China Fishery for his resignation, China Fishery said. The fund did not take part in an April rights issue, diluting its stake to 6.16% from 11.09%.
The departing director sat on the board's audit and risk and investment committees. He also championed the establishment of a corporate social responsibility committee on the board, China Fishery says.
Shares in China Fishery and its parent, Pacific Andes International Holdings, have come under pressure since Aug 21 after the companies said that they were being investigated by regulators in Singapore and Hong Kong.
China Fishery shares closed at 5.9 Singapore cents on Friday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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