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Chairman's Statement
 

During the last financial year, the control system of the Group’s only vessel, i.e. Vessel Asian Atlas, was broken down and was accordingly not in services in the first half of the current financial year. As such, the Group disposed of Vessel Asian Atlas through the disposal of a subsidiary with a gain on disposal of approximately HK$15.2 million. 

At the same time on the disposal of Vessel Asian Atlas, the Group acquired another vessel, namely Vessel Bao Xin as a replacement. Vessel Bao Xin is a general cargo ship that can be utilised in most dry bulk cargo shipments, which has a wider potential market and shall be relatively less sensitive to the weakening worldwide economy. The Group considers that Vessel Bao Xin will provide a more stable income stream to the business of the Group in the coming years.

To strengthen the financial resources of the Group and better position itself for investment opportunities, the Group successfully completed a placement of shares with net proceeds of approximately HK$33 million during year. The Group also announced a rights issue (the “Rights Issue”) on the basis of one Rights Share for every one share held with bonus issue (the “Bonus Issue”) of two bonus shares for every one Rights Share during the year which was completed subsequent to the end of the reporting period in April 2014 with net proceeds of approximately HK$147.7 million.

With the strengthened capital base, the Group is actively exploring other business opportunities and conservatively considering assets and/or business acquisitions, where appropriate, in order to enhance and improve the business operation and profitability of the Group.

I would like to take this opportunity to thank all our business partners and shareholders for their continuing confidence in our Group. I would also like to express my deepest appreciation to all staff and our Board of Directors for their effort and dedication to the Group.

Zheng Juhua

Chairman

Hong Kong, 26th June 2014

 
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