Changjiang Fertilizer responds to SGX query on chairman's leave of absence

SINGAPORE - Mainboard-listed Changjiang Fertilizer Holdings responded on Wednesday to a query by the Singapore Exchange (SGX) on the leave of absence taken by its executive chairman, Cai Jian Hua.

The company had announced on February 28 that Mr Cai was taking a leave of absence from his duties for a period of six months with effect from March 1, 2015, "to sort out his personal matters".

On being asked to elaborate on these "personal matters", the company said it does not have at this time "further definitive details".

When asked by SGX, if these "personal matters" were in any way connected with the business and operation of the company, it said that to-date the company was not aware of any circumstance indicating that they were.

On whether these issues would impact Mr Cai's "character and integrity as a director of the company", Changjiang Fertilizer said it was "unable to take a view".

It said: "The company is given to understand that Mr Cai is currently not in the position to fulfil his duties as executive chairman and executive director of the company as he is currently unable to commit sufficient time and resources towards overseeing the business and affairs of the company in this capacity."

But it added that Mr Cai was not involved in the daily operations of the company, and that his leave of absence "will not have any negative impact on the business or operations of the company".

In response to another SGX question, the company said the group's assets in China are managed by Mr Zhu Xue Cheng, its acting chairman and executive director.

Changjiang Fertilizer shares closed down 0.3 cents at 1.9 cents on Tuesday.

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