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Biodegradable Materials Manufacturing Business
Paper Manufacturing

 

Paper Manufacturing

As detailed in the Company’s announcement dated 27 January 2014 in relation to the noncooperation of the management and accounting personnel of Jining Gangning Paper Company Limited (“Jining Gangning”), the Company has been unable to obtain the latest financial statements of Jining Gangning and does not foresee a significant progress will occur in the near future at the date of approval of this announcement.
 

As such, Jining Gangning and their respective holding companies namely Glory Smile Enterprises Limited and Mega Bright Investment Development Limited (“Mega Bright”), which form the Group’s paper manufacturing operating segment, was de-consolidated from the Group’s consolidated financial results.


In view of the loss making and net liabilities status of the paper manufacturing business, the Directors of the Company are of the view that the de-consolidation or the potential discontinuation of the paper manufacturing business do not have any material adverse impact to the Group.

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