South East Asia Wood Industries not fulfil any development plans with BJ CITIC

South East Asia Wood Industries (1205) has just introduced Beijing CITIC as shareholder. Kwok Viem Peter, chairman of South East Asia Wood Industries, said Beijing CITIC had appointed a person as executive director to join in the board of South East Asia Wood Industries. Nevertheless, the company and Beijing CITIC did not carry out any development plans, nor did BJ CITIC propose any suggestion officially. However, as South East Asia Wood Industries (1205) was a company, which was engaged in wood business, the investment of the company would continue to focus on the old projects and its business would cover the places inside and outside of China. 

Mr Kwok added the company now had HK$1.15 bln cash in hand, which was mainly from the injection of HK$1 bln by Beijing CITIC. The turnover of the company next year would increased by 3 times vs this year, said Kwok Viem Peter.

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