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Pacific Andes frozen fish. (Photo Credit: Pacific Andes)
Pacific Andes shares and profits drop amid a probe
(SINGAPORE, 8/21/2015)
Pacific Andes International Holdings Ltd. share prices and those of its Singapore-listed subsidiaries faced sharp declines after regulators in that country and in Hong Kong started a probe, as a result of which the Group experienced a slump in its third-quarter profit.
Market sources consulted by FIS.com reported that Pacific Andes lost 29 per cent in Singapore trading while its unit China Fishery Group Ltd. plunged 49 per cent amid the investigation.
The Commercial Affairs Department and Monetary Authority of Singapore initiated the probe after a stock rout in 2013 erased about SGD 8 billion (USD 5.6 billion) in the value of three commodity companies, Bloomberg reported.
The group explained it had received a notice from Singapore regulators on the offense under the securities law.
The companies involved expressed their willingness to cooperate in the investigation, for which they have to hand over information and documents for the period from 1 October 2011 to the present relating to the company and its subsidiaries.
The request for documents was made by the Secondary Markets Conduct and Enforcement Division of the Singapore’s regulator, the Monetary Authority of Singapore.
Meanwhile, a spokesman for the Hong Kong parent said the group is bound by confidentiality rules about the nature of investigations and has no further comments beyond its stock exchange announcements.
“It’s quite serious when Commercial Affairs Department gets involved,” said Bernard Aw, a market strategist at IG Asia Pte in Singapore, referring to the country’s financial police.
“They won’t announce such investigations unless they have strong evidence of wrongdoing. Investors should take a wait and see approach,” he concluded.
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Information of the company:
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Address:
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Room 3201-3215 Hong Kong Plaza 188 Connaught Road West
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City:
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Hong Kong
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Country:
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Singapore
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Phone:
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+65 225 470 168
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Fax:
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+65 228 582 764
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E-Mail:
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[email protected]
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