During its restructuring, a new board and management team was also appointed and its previous fabric dye core business replaced with a new one based on infrastructure projects based in China.
Singapore Exchange was also said to have sent representatives to Beijing to meet CCIG when conducting its due diligence, something which was unheard of.
Nevertheless, the emergence of CCIG, among other factors, has enabled the trading in the company’s shares to resume on Sept 28, after being suspended since late 2015 after its former CEO was discovered to have made unauthorised payments to three major customers who demanded compensation for products they claimed did not meet their standards.
This story first appeared in The Edge Singapore (Issue 891, week of July 22) which is on sale now. Subscribe here
