by millionairemind » Sat Jul 11, 2009 10:21 am
Another crap company..
Published July 11, 2009
Trading halt for Cacola
By MICHELLE YEO
CACOLA Furniture International yesterday requested a trading halt of its shares following disclosure a day earlier that a subsidiary was under pressure to pay HK$21.4 million (S$4 million).
On Thursday, the company said that its subsidiary, Cacola Holdings, had received a statutory demand for HK$21.4 million from solicitors acting for IW Asset Management. IW is claiming the amount with interest at the rate of 8 per cent per annum from April 23, 2009.
IW warned that if payment was not made within 21 days from the date of receipt of the statutory demand, it may start winding-up proceedings against Cacola Holdings.
Cacola said that the statutory demand was not expected to have any material impact on the group's performance for FY 2009. Based on the information available to-date, the group will be able to continue as a going concern and has sufficient net current assets to meet its liabilities, it said.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch
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