Placing 117,951,779 shares, representing about 20% of the issued share capital, to one or more allotees at a price of HK $0.173 and net proceeds of about HK $19.59 million. Placing agent: Gransing Securities Co., Limited
The Company is a leading ethanol system producer in the People’s Republic of China (the “PRC”). We primarily provide integrated services including engineering design, equipment manufacturing, installation and commissioning, and subsequent maintenance for the core system of ethanol production system in the ethanol fuel and alcoholic beverage industries in the PRC.
the Auditors were unable to conclude whether the Directors’ use of the going concern basis of accounting to prepare the consolidated financial statements is appropriate and therefore issued a Disclaimer in respect of the Group’s consolidated financial statements for the Reporting Year.
The Directors are of the view that, assuming successful implementation of the above plans and measures, the Group will have sufficient working capital to satisfy its present requirements for at least the next twelve months from the end of the Reporting Year and it is therefore appropriate to prepare the consolidated financial statements on a going concern basis.
