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China Taisan says still awaiting nod from Fujian government to resume normal production
TROUBLED fabric manufacturer China Taisan Technology Group Holdings said on Monday that it is still awaiting permission from the Fujian government to resume normal production levels after being ordered to cut back in July 2017.
When queried by the Singapore Exchange (SGX), among other questions, on the amount of reduction ordered by the Fujian government, China Taisan quoted a China Daily press report and said that the amount of reduction was not stated.
It is believed that the order to reduce production was in response to non- compliance with China's Central Environmental Inspection Group.
The mainboard-listed company said that it is in the process of upgrading its water recycle system and air purification system to ensure compliance.
The SGX had quizzed the company, which has been on the distressed watch list since June, on various issues in the past few months, ranging from key boardroom appointments and departures to valuation of certain assets to its financial books.