CWG raises registered capital in subsidiary

CWG International said on Thursday it has increased the registered capital of its subsidiary, Shanghai Tongmo Assets Management Co, from 20 million yuan (S$4.1 million) to 70 million yuan.

The real estate group said the increased registered capital has not been paid up.

Shanghai Tongmo is the indirect holding company of the Overseas Chinese Academy Suzhou, an international school in Suzhou offering Chinese, Western and international baccalaureate curriculum to students and targeting the overseas returnees.

CWG said the transaction is not expected to have any material impact on the earnings per share or net tangible assets of the group for the year ending Dec 31, 2017.