Company Briefs: Pacific Andes Resources Development and Creative Technology

Pacific Andes Resources Development 

The Monetary Authority of Singapore (MAS) and Commercial Affairs Department (CAD) have concluded a four-year investigation into beleaguered Pacific Andes Resources Development (PARD) and its indirectly owned subsidiary, China Fishery Group.

Both mainboard-listed firms said in filings yesterday that there will not be any further action taken with respect to them, as well as Pacific Andes International Holdings Limited.

The government agencies had been investigating the companies for an offence under the Securities and Futures Act.

The probe began in August 2015.

MAS and CAD required China Fishery and PARD to provide information and documents for the period from Oct 1, 2011 to Aug 20, 2015, relating to both companies and their subsidiaries, as well as their dealings with certain third parties including the group's trading party. Those third parties were not interested persons.

The two companies are undergoing restructuring.

China Fishery is a global industrial fishing company with access to fishing grounds including the anchovy fishery in Peru.

PARD is a seafood company focusing on the development, marketing and distribution of fish and fish products.

Shares of China Fishery and PARD have been suspended from trading on the Singapore bourse since November 2015.

Creative Technology

Shares of Creative Technology surged as high as 24 per cent or 68 cents to $3.52 yesterday afternoon, after staying largely flat yesterday morning.

The "unusual price movement" prompted a query from the Singapore Exchange (SGX).

The multimedia company had on Thursday evening responded to a separate SGX query on the proposed re-election of its director Ng Kai Wa, and the company's compliance with Listing Rule 720(6). The rule states that listed firms must provide information relating to the candidate in the notice of meeting, annual report or relevant circular distributed to shareholders prior to a general meeting.

Creative provided the relevant information in its response to SGX on the re-election of its director.

Its shares closed up 19 per cent at $3.38 yesterday.

A version of this article appeared in the print edition of The Straits Times on October 26, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe