Will revamp bear fruit for SunMoon?

Published Tue, Oct 8, 2013 · 10:00 PM
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SUNMOON Food Company's latest debt restructuring has finally removed the proverbial sword of Damocles hanging over its head and given it a fresh impetus for growth.

Those familiar with its corporate history will remember SunMoon as the doomed FHTK Holdings, or Fook Huat Tong Kee, a major fruit distributor and investor in China. It listed on Singapore Exchange's mainboard in 1997 to great excitement, boasting sales the year before of $225 million and pre-tax profits of $10.7 million.

That same excitement saw the stock hitting a high of 88 cents in the course of its trading, against its initial public offering price of 60 cents.

But signs of wilting began to set in after that. FHTK found itself chalking up big losses in a 10-year loss spell, with red ink spilling into the hundreds of millions. Debt restructurings took place, and fresh m…

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