The Board wishes to announce that the potential purchaser is 南海发展股份有限公司 (Nanhai Development
Co. Ltd), (the “Purchaser”), a public company listed on the Shanghai Stock Exchange, the PRC.
One of the director had offloaded his shares at 20 cents and I had offloaded mine too . The business model may be sound but outstanding trade receivables are worrying. Not even the investment arm of the World Bank, IFC did not exercise the warrant granted to it.