China Printing & Dyeing Holding

[winston]

It is the parent that is facing problems not the listed entity..

================================================

From Kim Eng:-

China Printing & Dyeing Holdings – Requested a voluntary trading suspension of its shares on Monday, amid the uncertainties surrounding the group after its parent company reportedly went broke. It is also seeking protection from relevant authorities in Shaoxing County for its assets held under wholly owned subsidiary Zhejiang Jianglong Textiles Printing & Dyeing Co Ltd.

In a filing with the Singapore Exchange (SGX) Friday, the group's board of directors said that they are unable to comment on market rumours and media speculation. According to recent media reports, China Printing's parent company Jianglong Holdings faces bankruptcy due to mounting debts, which includes some RMB200m (S$43m) owed to 300 small suppliers, while its chairman and CEO have gone missing.

Jianglong chairman Tao Shou Long is also CEO of China Printing, and his wife Yan Qi, who is CEO of Jianglong, is deputy CEO of China Printing. They are based at the premises of Zhejiang Jianglong at Shaoxing County. China Printing's independent directors (IDs) said yesterday that the husband and wife, who are also executive directors of the company, have not been contactable since Tuesday, despite repeated attempts to reach them.

[LenaHuat]

It's the end of the road

[kennynah]

husband and wife both key appointment holders, went missing like mas salamat.... run road liao lah .... i also think...this is case close finish...or at least, no reason to stay Long in this counter...

[helios]

intervention by the Shaoxing Country government.

Source: http://chinaprinting.listedcompany.com/ ... 589B.1.pdf

[millionairemind]

Published October 23, 2008

China Printing couple arrested: reports
Sacked CEO, deputy went missing after parent reportedly went bankrupt
By LYNETTE KHOO

THE sacked chief executive and deputy chief executive of China Printing & Dyeing Holdings were arrested in China on Saturday, according to media reports there.

But so far, there has been no official information on the arrest, and China Printing has not made an announcement to the Singapore Exchange.

The duo went missing around Oct 4 when China Printing's parent company Jianglong Holdings reportedly went bankrupt. Operations at China Printing and Jianglong Holdings have ceased, and shares of China Printing have been suspended since Oct 13.

This week, the independent directors (IDs) of China Printing terminated the services of CEO Tao Shoulong and deputy CEO Yan Qi and removed them as signatories to the group's bank accounts in Singapore. Mr Tao and his wife Madam Yan are chairman and CEO of Jianglong Holdings respectively.

The IDs of China Printing are now looking at a possible reorganisation of the company to minimise losses to shareholders. All of China Printing's operations are under its wholly owned subsidiary Zhejiang Jianglong Textile Printing & Dyeing Co in Shaoxing County in China.

After the duo disappeared, the Chinese authorities placed Zhejiang Jiang- long's premises under 24-hour guard and took the company's seals for safe-keeping. The wages of the employees have also been settled by the Chinese authorities.

A company source told BT the financial condition of Jianglong Holdings and China Printing will not be clear until the IDs and CFO of China Printing finish scrutinising the accounts.

The IDs said that they will work with the authorities to decide the best way to realise Zhejiang Jianglong's assets and liabilities. China Printing CFO Goh Cher Shua is going through the group's accounts with the Chinese authorities.

Jianglong Holdings, a private company owned by Mr Tao and Madam Yan, holds a 58 per cent stake in China Printing. According to recent media reports, Jianglong Holdings ran up debts amounting to some 200 million yuan (S$43 million), owed to 300 small suppliers.

About 33 per cent of China Printing shares are in public hands. New Horizon, a Cayman Islands-incorporated private equity fund, has an 8 per cent stake. The fund's limited partners are Temasek Holdings and SBI Holdings Inc.

[winston]

China Printing & Dyeing Holding – Troubled China Printing & Dyeing Holding filed an application with the High Court of Singapore yesterday for the company to be placed under judicial management. 'The board is of the view that the company will be unable to pay its debts,' the company said. Shares of China Printing have been suspended since Oct 13, after news broke that its parent company Jianglong Holdings, which owns a 58 per cent stake, had gone bankrupt.

Former chief executive Tao Shoulong and ex-deputy CEO Yan Qi then went missing, prompting the board to dismiss them and remove them as signatories to the group's bank accounts. The situation led to the cessation of the operations of Zhejiang Jianglong Textile Printing and Dyeing Co Ltd, the company's wholly owned subsidiary in China. Seeking judicial management will help to secure the survival of the company, as a whole or in part as a going concern, as well as obtain a more advantageous realisation of its assets compared with a winding up, China Printing said.

The firm has also applied for an order from the Singapore High Court for Chay Fook Yuen and Tay Puay Cheng of KPMG Advisory Services Pte Ltd to be appointed as the interim judicial managers pending the making of a judicial management order or until further order.

[winston]

China Printing's JM hearing on Nov 25
By ANGELA TAN

China Printing & Dyeing Holding Limited said its judicial management hearing has been fixed for 25 November 2008, at 10 a.m. in Singapore.

The company had made a judicial management application to the Singapore High Court, and had also obtained an order for the appointment of Interim Judicial Managers.

[helios]

FILING OF CLAIM AGAINST ZHEJIANG JIANGLONG TEXILE PRINTING & DYEING CO.,
LTD WITH THE SHAOXING INTERMEDIATE PEOPLE’S COURT
________________________________________________________________________
Further to the Announcement made on 24 November 2008 concerning the filing of creditors' claims against the Jianglong Group, the Company has filed a claim against its subsidiary, Zhejiang Jianglong Textile Printing & Dyeing Co., Ltd ("Zhejiang Jianglong"), with the
Shaoxing Intermediate People's Court on 1 December 2008.

Pursuant to the above claim filed, the Company is seeking recovery of dividends receivable of RMB 11 million (reflected in the Company's Annual Report 2007, and its Financial Results and Dividend Announcement for the first and second quarters of 2008) from Zhejiang
Jianglong.

Source: http://chinaprinting.listedcompany.com/ ... /id/120111

[winston]

Vested ( Unfortunately and it's a good lesson. Teaches me not to listen to the analysts but to do my own home work and to trust my own gut feelings )

===================================================


MONTHLY UPDATE
________________________________________________________________________

Pursuant to Rule 704(21) of the Listing Manual, the Judicial Managers of China Printing &
Dyeing Holding Limited (‘the Company”) wish to provide an update regarding the Company’s financial situation:

Potential Investor in the Company
Further to the Announcement made on 30 September 2009, the judicial managers are
continuing discussions with a potential investor regarding the restructuring of the Company.

At present, no agreement has been reached with the potential investor.

The Company’s Financial Position and Future Direction
Insofar as the Judicial Managers are aware, there are no further developments that may have a significant impact on the Company’s financial position and future direction.
The Judicial Managers will make further announcements when there are further
developments in this respect.

By order of the Judicial Managers
Foo Soon Soo
Company Secretary
26 October 2009

[winston]

CEO ran away in Oct 2008 ...

===================================================

Copied from Vicom Thread:-

Mr Lim Jit Poh was appointed non-executive Director in 1981 and Chairman of VICOM Ltd in 1985.

Mr Lim is also the Chairman of ComfortDelGro Corporation Limited, SBS Transit Ltd, Ascott Residence Trust Management Limited, China Printing & Dyeing Holding Limited and Eng Kong Holdings Limited as well as the Lead Independent Director of Kim Eng Holdings Limited.

Mr Lim was a former top civil servant and a Fulbright scholar. He was awarded the Public Administration Medal by the Government of Singapore in 1972 as well as three awards by the National Trades Union Congress, namely Friend of Labour Award in 1986, Meritorious Service Award in 1990 and Distinguished Service Award in 2000.

In 2006, he was also one of the recipients of the Distinguished Science Alumni Award from the National University of Singapore. Mr Lim is a trustee of the Singapore National Employers' Federation.