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Hu An Cable says chairman is quitting, subsidiary assets may be sold in bankruptcy auction
WIRE and cable manufacturer Hu An Cable Holdings has revealed that chairman Dai Zhi Xiang is resigning due to personal reasons.
The company, which received the resignation notification on Jan 20, said it is preparing the announcement on his resignation and details will be made as soon as possible.
It also said certain assets of Shenhuan Cable Co, Ltd "were to be sold to a third party pursuant to a bankruptcy auction in December 2016". Shenhuan is a brand which the company sold its wires and cables under.
"The company is in discussions with legal advisors in China to ascertain the veracity of this news and if verified, the circumstances leading to the said bankruptcy auction," it said.
Hu An made the announcements in response to a Singapore Exchange query on the trading of its shares. The company rose by S$0.002 to S$0.008 a share, on 61 million shares traded.
In September 2015, amid operational difficulties, a local government in China had asked the company to sell three of its China subsidiaries, including Shenhuan Cable.