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Anchun International Holdings appoints new CFO, head of sales retires

CHEMICALS engineering company Anchun International Holdings has appointed He Zu Bing as chief financial officer (CFO), the company announced on Tuesday.

According to the company's Singapore Exchange (SGX) filing, Mr He has served as deputy financial controller of Anchun's wholly-owned subsidiary Hunan Anchun Advanced Technology Co Ltd since May 2018.

Meanwhile, its head of sales and marketing Li Chun Yang has retired after 25 years with the group, although he will continue to serve as non-executive director of the company's wholly-owned subsidiary Hunan Anchun Advanced Technology Co Ltd.

In a separate filing on Tuesday, Anchun responded to queries from SGX on the reason for the write-off of contract assets amounting to 6.97 million yuan (S$1.4 million), listed in its full-year results posted on Feb 28. Anchun said the amount was a provision for impairment losses on the assets, rather than a write-off.

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"Under the new standard SRFS (I) 15, impairments are done on those CSC products that have been completed in previous years where customers requested for postponement due to their operation and payment schedule," Anchun said. The group is no longer engaging the counterparties to those contracts on other transactions.

It also clarified that although the group recorded a profit before tax of 9.86 million yuan for FY2018, it did not declare any dividend for FY2018 because the company had incurred a loss of 2.7 million yuan.

The group will continue its efforts to diversify into non-fertiliser industries and review its cash-flow requirements in view of the macro-economic environment, and consider making appropriate dividend distributions to shareholders where its operating cash flow position allows, Anchun said.