Ferrochina in Newspaper
After read through two English daily today: The Straits Times and The Business Times, I am surprise that the former manage to report news with depth, far outperformed the latter.
The Business Times has merely repeated the statement from Ferrochina and end the article by quoting the response from SGX saying that the exchange is 'closely monitoring the situation'.
Some interesting lines from The Straits Times:
Ferrochina staring at a black hole of 5.2 billion yuan, while its 3,800 or so shareholders will be left with stock that may be potentially worthless.
The last Ferrochina announcement is when the company said it had installed a new production line that would allow it to sell additional products. It also said it had identified a potential investor who was already carrying out a due diligence.
According to sources close to Ferrochina, “there is no evidence of anything untoward at the company”
It is understood that as some loans came due, the banks did not want to roll-over the outstanding amounts and demanded repayment. This left Ferrochina with no choice but to throw in the towel, albeit for a time.
Source say shuttering the factories is a precautionary move.
Chairman: She Chun Tai
Independent Director: Eric Low, Loo Choon Chiaw, Low Seow Juan (from Singapore)
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