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Chinese Global Investors to resume trading; selling waterproofing unit

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Chinese stocks managed to bounce off from steep losses and ended Wednesday almost flat as fresh supportive measures from brokerages eased investor fears that Beijing may be intensifying a crackdown on illegal margin financing.

SHARES of Chinese Global Investors Group will resume trading on Tuesday after having been halted since Aug 28 mid-day.

While the company's shares were halted, the investment holding company had announced a 34.5 per cent net profit growth for the year ended June 2015 as well as plans to sell its core waterproofing subsidiary for S$3.28 million.

Chinese Global Investors posted a net profit of S$867,066 for its fiscal fourth quarter, up from a net loss of S$352,998 in the year-ago period. For the full year, net profit rose to S$2 million, or 0.21 Singapore cents per share, from S$1.5 million, or 0.16 Singapore cents per share.

The company, which is diversifying into financial services, also announced that it is selling wholly owned subsidiary Hitchins International for S$3.28 million to the current management of the unit. The subsidiary carried out Chinese Global Investors' core waterproofing business.

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Chinese Global Investors shares last traded at 2.8 Singapore cents.

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