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Carlyle ceases board presence in China Fishery

Monday, August 31, 2015 - 08:00

Mr Ng Joo Siang, CEO of industrial fishing firm China Fishery.

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 announced Monday morning.

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 per cent from 11.09 per cent.

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 said.

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Shares of 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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