Monday, March 19, 2012

China Gaoxian to provide updates of its special audit

SINGAPORE: Another troubled S-chip firm China Gaoxian Fibre Fabric has given an undertaking to the Singapore Exchange (SGX) that it will provide updates of its current special audit.

The company's board will also expedite the completion of the special audit and will inform shareholders of the board's action to safeguard the company's assets.

In July last year, auditors highlighted a huge shortfall in its cash and bank balance.
In its filing to the SGX last year, the Zhejiang-based maker of polyester yarn said its auditors Pricewaterhouse
Coopers discovered the company's bank balance should be less than a tenth of the 1.1 billion yuan (S$209.21 million) reported in February 2011.

China Gaoxian is dual listed in Korea Exchange as well.
Trading of China Gaoxian shares on the SGX and its Korean Depository Receipts on the Korea Exchange has been suspended since March 2011.
- CNA/fa

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