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Hu An Cable gets three-month extension to release FY2015 results
HU An Cable Holdings has been granted a three-month extension by Singapore Exchange to release the company's financial results for FY2015, in view of its focusing its resources on obtaining the relevant approvals required for the asset disposal and shares transfer, and thus requiring more time to prepare its financial statements.
Hu An Cable announced in October last year its subsidiaries had signed a sale and purchase agreement with Yixing Jinxiao Copper Industry Co after the local government of Wuxi City, Guanlin Town in China proposed the cable and wire maker sell its three Chinese subsidiaries.
Following ceasing of production of the group, coupled with the prolonged uncertainty of the group's future, some of the finance staff of the company had resigned and the company is currently trying to gather its available resources in the audit preparation, said Hu An Cable on Monday.
The company said it will announce any material updates to shareholders on a timely basis, and advised shareholders and investors to exercise caution when dealing in the shares of the company.