Troubled Changjiang Fertilizer loses another top exec

Mainboard-listed Changjiang Fertilizer Holdings has not made a sale since last year, and it is now without a chief executive and a chief financial officer.

Some six weeks after the departure of chief executive Soh Chun Bin, the S-chip, which has been suspended from trading for more than six months, reported yesterday that its chief financial officer (CFO) Kelvin Ho has also resigned.

Mr Ho, 39, who became the CFO of the China fertiliser company in July last year, quit to "pursue other career options".

He was responsible for the group's accounting and financial functions, the company said in a Singapore Exchange (SGX) filing yesterday.

The departure of these two key executives follows the company's announcement in February that executive chairman Cai Jian Hua was to take a leave of absence from his duties for six months, from March 1 to Sept 1, to sort out personal matters.

However, Mr Cai resumed his duties on June 18.

Changjiang recorded no revenue for the nine months ended Sept 30, as production at all three of its plants has stopped since last year.

Net loss for the nine months was 19 million yuan (S$4.2 million), an improvement from a loss of 63 million yuan in the same period last year.

Net loss for the third quarter ended Sept 30 was 6.4 million yuan, compared with a loss of 47.6 million yuan in the same period last year.

Loss per share was 1.77 fen for the third quarter, compared with 13.23 fen previously.

As Changjiang has no operating businesses, it has been classified as a cash company since April 14. Trading in its securities has been suspended until it has a business which is able to satisfy SGX's requirements for a new listing.

The company is now considering various options and will be actively pursuing the acquisition of new operating businesses and assets that have either proven track record or good growth potential, or both, said the company in its financial statement released yesterday.

In an earlier filing, Changjiang informed shareholders that SGX will proceed to delist the company if it cannot meet the requirements for a new listing within 12 months from the time it becomes a cash company.

A version of this article appeared in the print edition of The Straits Times on November 14, 2015, with the headline 'Troubled Changjiang Fertilizer loses another top exec'. Print Edition | Subscribe