Hu An Cable is up 22.2% to 1.1 cent this morning with 11.1 million shares traded.
The China-based manufacturer of electrical cables says the local government of Wuxi City, Guanlin Town, has proposed that the group dispose the assets and liabilities of three Chinese subsidiaries to help overcome the financial and operational difficulties which it currently faces, safeguard the livelihoods of the group’s employees, and protect the interests of the group’s shareholders and creditors.
In an earlier filing in response to SGX queries on its financial statements and related announcement for the half year ended 30 June 2015, Hu An says RMB 466 million ($103.5 million) out of the RMB 706 million worth of contracts on its order book has been delayed until further notice.
The group also says 88% of its trade receivables, after impairment, have been owed to the company for six months to a year.
Hu An also revealed that a prepayment of RMB 310 million to Jiangsu Tiandilong Group, one of its major suppliers, for the purchase of copper rods, may not be recoverable.
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The China-based manufacturer of electrical cables says the local government of Wuxi City, Guanlin Town, has proposed that the group dispose the assets and liabilities of three Chinese subsidiaries to help overcome the financial and operational difficulties which it currently faces, safeguard the livelihoods of the group’s employees, and protect the interests of the group’s shareholders and creditors.
In an earlier filing in response to SGX queries on its financial statements and related announcement for the half year ended 30 June 2015, Hu An says RMB 466 million ($103.5 million) out of the RMB 706 million worth of contracts on its order book has been delayed until further notice.
The group also says 88% of its trade receivables, after impairment, have been owed to the company for six months to a year.
Hu An also revealed that a prepayment of RMB 310 million to Jiangsu Tiandilong Group, one of its major suppliers, for the purchase of copper rods, may not be recoverable.
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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