Sinopipe gave 29,000 yuan pay increase to director of assets being disposed

SINOPIPE Holdings gave an executive director of businesses that it is disposing of, a 29,000 yuan (S$5,900) raise during the quarter ended June to compensate for increased workload, it said on Wednesday in reply to queries from the Singapore Exchange (SGX).

That increased workload was due to numerous operational issues encountered by those businesses in China compared to the year-ago quarter, said Sinopipe, a pipe maker and distributor.

The salary increase for the director accounted for almost a third of the 90,000 yuan paid out in salaries to directors of the disposal group, Sinopipe said.

On April 3, Sinopipe announced plans to dispose of its China plastic pipe business for about 10 million yuan in proceeds.

The company's stock is suspended.