InvestIdeas

was once vested....reminder...it was 30c+ and it hit over 70 cents during the boom and came down like a dua lao sai.....not keen to enter this stock anymore....to me, it's risky

winston wrote:SINGAPORE, 16 April 2009 – C&G Industrial Holdings Limited (“C&G”, or the “Group”), is pleased to announce that the Group has entered into a non-binding memorandum of understanding ( “MOU”) with CUGU Group (Hong Kong) Limited (or the “Vendor”) Lam Chik Tsan, and Cai Junyi for the proposed acquisition of the entire issued and paid-up share capital of CUGU Environmental Protection International Limited (“CUGU EPIL”, or the “Target Company”), a company specializing in waste incineration power plant projects.

Isn't CUGU group the holding company for the owner???

How's that for making the cash balance of C&G group magically disappear and then reappear in the owner's pocket??

Investors are the one left high and dry....

I am glad I made my money from C&G back in 2007 and have since left it for dead... phew!

Halted.

PENDING ANNOUNCEMENT ON THE RESULTS OF THE SPECIAL GENERAL MEETING TO BE HELD AT SUNTEC SINGAPORE, INTERNATIONAL CONVENTION & EXHIBITION CENTRE, LEVEL 3, ROOM 309, 1 RAFFLES BOULEVARD, SUNTEC CITY, SINGAPORE 039593 AT 10.00 A.M.

March 22, 2010, 5.36 pm (Singapore time)

C&G's unit seals BOT projects in China

By ANGELA TAN

C&G Industrial Holdings Limited said its subsidiary, C&G Environmental Protection International Limited (formerly CUGU Environmental Protection International Limited) (C&G EPIL) - has successfully secured BOT (Built, Operate and Transfer) projects for two new waste-toenergy plants in Nanping city and Jianyang city, located in Fujian province, China, for a concessionary period of 30 years.

The two new WTE plants are slated for completion in 2012 and will each have a designed treatment capacity of 600 tons per day.

The estimated total cost of investment for the two projects is about RMB600 million and will be fully funded from internal resources and borrowings at the project companies' level.

Published March 30, 2010

C&G selling textile business for up to US$58m

By LYNETTE KHOO

C&G Industrial Holdings is hiving off its PET chips and yarn business for up to US$58 million - just one week after it told BT that it was considering a sale if there was a good price.

The company said yesterday that it had inked a preliminary deal to sell its textile business - for at least $49 million - to Hou Shiqing, a major shareholder of Shishi City Gangyi Dyeing Manufacture Co Ltd. The sale price is subject to further negotiations, taking into account the financials of C&G's textile arm, CHGU Group Technology Holdings International.

The buyer has paid a deposit of US$650,000 and has up to six weeks from the date of the preliminary deal to make an offer.

C&G group chief executive Cai Junyi told BT yesterday that the proposed price range was reasonable when compared with the group's net asset value excluding cash, which stood at US$52 million as at end-2009.

The company said that neither Mr Hou nor Shishi City has any links with C&G, its directors, controlling shareholders or management.

Mr Cai said that the divestment of the textile business, which has been dented by thinning margins and orders, is in the best interest of the group and shareholders.

The textile industry has become more competitive and the group would otherwise have to make substantial investments to stay ahead.

Mr Cai added that prospects were also brighter in the clean energy sector that C&G had ventured into, through its recent acquisition of waste-to-energy (WTE) firm C&G Environment Protection International.

Including two latest built-operate-transfer contracts worth 600 million yuan (S$123 million), C&G Environment has a total of nine WTE projects. Based on its secured capacity, it will be one of the top three WTE operators in China, with an annual treatment capacity of 3.3 million tonnes.

But C&G Environment's contribution to group earnings will only increase when phase 2 of the Jin Jiang plant is completed in April, and the construction of three other plants are completed by the end of this year, with another three plants by 2011.

'The textile business is still making money, so some people may question why we decide to sell now,' Mr Cai said. 'But this year, we think that it will be even more challenging for the industry given the expected rise in labour costs, currency and ongoing trade dispute between the US and China.'

'We can fetch a better price if we sell the business while it is still profitable,' Mr Cai added.

The proposed divestment is subject to shareholders' approval and other regulatory approvals.