Company Briefs: China Sports International

China Sports International

Sportswear maker China Sports International or its subsidiaries might be involved in past or ongoing lawsuits that were not previously disclosed, the company said in a filing yesterday.

The board is seeking further information from chief executive Lin Shao Xiong, and will make further announcements when there are material developments.

The troubled mainboard-listed firm's shares have been suspended since Dec 4, after it requested a voluntary suspension until the commencement of an audit process, and when directors and auditors are "clear on the company's state of affairs".

In December last year, the company said it had received a statutory demand from its legal advisers, RHT Corporate Advisory, for $50,839.25 in unpaid fees, and that if it failed to repay the amount within three weeks from Dec 15, RHT would be entitled to commence winding-up proceedings against the company.

But as of March 8, the firm had not received any further action in relation to the statutory demand, according to exchange filings.


CWG International

The buyout offer for real estate group CWG International has closed. Elidom Investment - the entity making the voluntary cash offer at 19.5 cents per share - and its concert parties now control 97.91 per cent of CWG.

Trading in CWG was suspended with effect from yesterday, as the total number of shares held in public hands has fallen below 10 per cent. The offeror said it will be exercising its right of compulsory acquisition to buy all shares from shareholders who have not accepted the offer.

Elidom Investment is a takeover vehicle owned jointly by Sinway Investment, H&H Wealth and Floriland Co.


Saudi Aramco

Saudi Arabia plans to sell shares of Saudi Aramco on a local exchange and may scuttle entirely an earlier plan for an overseas listing, The Wall Street Journal reported on Monday.

Aramco had previously discussed an initial public offering in the latter half of this year and had been eyeing a listing on the New York or another international exchange. However, the oil giant is now contemplating listing on a domestic stock exchange, viewing the legal risks of listing in New York as considerable, said the Journal. The report also said the earliest a listing could take place would be April next year.

AGENCE FRANCE-PRESSE

A version of this article appeared in the print edition of The Straits Times on March 21, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe