Minority shareholders to hold meeting with SIAS over Sino-Env
By Wong Siew Ying, Channel NewsAsia | Posted: 24 November 2009 2210 hrs

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SINGAPORE: About 70 minority shareholders have expressed concern over the state of affairs at Sino-Environment Technology.

They have approached the Securities Investors Association of Singapore or SIAS for a meeting.

In a statement out on Tuesday, SIAS said the immediate concern of the shareholders is how the firm can safeguard its remaining assets.

Sino-Environment, a China-based waste recovery solution provider, was plunged into turmoil after its then-CEO Sun Jiang Rong ran into financial difficulties.

He had pledged his shares in the firm to secure financing and his stake was sold on the open market after he defaulted on the personal loans.

Sino-Environment was then faced with potential early redemption of a S$149 million bond, casting doubts over its ability to continue operations.

SIAS has scheduled a meeting with the minority shareholders on November 30. - CNA/vm