Company announcements: China Fibretech

China Fibretech - General Announcement::Shareholders' Queries on China Fibretech

Announcement Type: General Announcement
Company: CHINA FIBRETECH LTD.
Stock Code/Name: F6D - China Fibretech

General Announcement::Shareholders' Queries on China Fibretech

Issuer & Securities

Issuer/ Manager	CHINA FIBRETECH LTD.
Securities	CHINA FIBRETECH LTD. - BMG215451011 - F6D
Stapled Security	No

Announcement Details

Announcement Title	General Announcement
Date & Time of Broadcast	27-Nov-2014 20:36:55
Status	New
Announcement Sub Title	Shareholders' Queries on China Fibretech
Announcement Reference	SG141127OTHR03VF
Submitted By (Co./ Ind. Name)	Wu Xinhua
Designation	Executive Chairman and CEO
Description (Please provide a detailed description of the event in the box below)	The Board of Directors of China Fibretech Limited (the "Company") wishes to announce that the Independent Directors of the Company, Mr Lim Yoke Hean and Mr Low Wai Cheong have met with Securities Investors Association (Singapore)("SIAS") on 27 November 2014 together with the Company's Senior Finance Manager, Mr Mak Chi Shing. The Company has been informed that the following press statement has been released by SIAS and the Board therefore wishes to disseminate the information contained therein to investors and shareholders and append below the press statement released by SIAS as advised to the Board: "Securities Investors Association (Singapore) 27 November 2014 Dear Editor, Shareholders' Queries on China Fibretech SIAS met with Independent Directors (IDs) Mr Lim Yoke Hean and Mr Low Wai Cheong and Senior Finance Manager Mr Mak Chi Shing of China Fibretech at SIAS office to discuss the serious concerns of the shareholders which are, the share buy back mandate which has not been utilized to-date, the approximately RMB 450m kept in current account with The Agricultural Bank of China, the delay to diversify into new businesses and, finally, the non payment of dividends. The IDs have assured SIAS that the Board is serious in implementing the share buy back as stated by the Chairman at the last EGM held on 29 Sept 2014 that it would be done before the next AGM. On the approximate RMB 450m monies still being kept in the current account at The Agricultural Bank of China, the IDs are pursuing with the management of the company to place the monies in fixed deposit and SIAS has urged the IDs to relay to the Management the urgency of implementing it. On the diversification into new businesses, the IDs have conveyed to SIAS that the Board is serious about pursing diversification and a number of projects have been evaluated at Board level but none found suitable. The Board will continue to look for a suitable business in the interest of the company. On the non-payment of dividend, the IDs have informed SIAS that the priority of the Board at this juncture is to secure a suitable sustainable business and is conscious of the anxiety of the shareholders on the delay. The Board will continue to pursue the exercise vigorously. SIAS has requested for a meeting with the Chairman and will advise shareholders as to when it will materialize. David Gerald President & CEO Securities Investors Association (Singapore)"

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