SGX-ST questions CGI's late announcement

The announcement was made five days after the fact.

On 18 September 2012 the board of directors of Chinese Global Investors Group Ltd. announced that the company’s wholly-owned subsidiary CGI (HK) Limited had entered into a placing agreement dated 13 September 2012 with FT Securities Limited for the placing of up to 100 million ordinary shares in the share capital of PME Group Limited.

SGX-ST asked CGI to explain the reason why the announcement was not made at the time of signing of the placing agreement.

In response, CGI said, “The Placing Agreement was only made available to the Company on 12 September 2012, and was subsequently finalised only on 13 September 2012. Taking into account the time required to prepare the First Announcement based on the finalised Placing Agreement, and to liaise with and finalise the content of the First Announcement with the Company’s Sponsor, the Company was only able to release the First Announcement on 18 September 2012.”