SINGAPORE – Natural resource firm Abterra reassured investors on Sunday (Dec 11) that it is solvent and able to meet its financial obligations.
The statement from chief executive Lau Yu, published on the Singapore Exchange website, came after Abterra announced last Wednesday (Dec 7) that controlling shareholder, General Nice Resources (Hong Kong) had been put under liquidation by the High Court of Hong Kong.
GNR has a 34.96 per cent stake in Abterra.
Abterra said on Sunday its board of directors has reviews the company’s cash flow and balance sheet to determine its financial status.
The board concluded that Abterra is not relying on GNR financing, will be receiving proceeds from the sale of office units at Suntec Tower 1 i…
Read the full article at: http://www.straitstimes.com/business/companies-markets/abterra-says-it-is-solvent-after-controlling-shareholder-put-under