JES International says not notified of updates to proposed restructuring of China units

JES International Holdings said that it has not been notified of any updates to the proposed restructuring of the group's subsidiaries in China since the Jingjiang Court public notice was released on Sept 20.

The struggling firm said that its board has also been exploring possible new business to be injected into the company and at this juncture, it would not rule out the possibility of any significant corporate action which may include a "very substantial" acquisition or reverse take over.

It also said that it has filed an originating summons in the Singapore high court on Oct 3 seeking to transfer 60.8 million shares in the company held by Yang Shushan to its controlling shareholder JES Overseas Investment.

The company has not received any further updates on this matter, it added.