The Company is currently undergoing advanced negotiations with a potential third party buyer
regarding the sale of land and building located at No. 37 Xingdong Road, Xinglin District, Xiamen
City, The People’s Republic of China (the “Land”), owned by the Company’s wholly subsidiary,
Shishi Simwa Knitting & Dyeing Co., Ltd.
As there has been no industrial activities carried out on the Land for a period of time, the
Management is of the view that the local government could potentially acquire the Land for its
further development and that such government acquisition is likely to be imminent based on
recent contact with government officials, (unofficial) indications and information from the tenants
of the building who have moved out.
As at the date of this announcement, no contract has yet been entered into with the potential
buyer and there is no certainty that such discussions or negotiations will proceed beyond the
negotiation stages or result in any transaction. The Company will make an announcement at the
appropriate time in compliance with the requirements of the Listing Manual of the SGX-ST (the
“Listing Manual”).
Investors are advised to exercise caution when trading in the shares of the Company.
