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2012-6-7
Hong Kong．China, 6 June 2012 – Fountain Set (Holdings) Limited (“Fountain Set” or “the Group”; SEHK: 420), a
global leader in the manufacturing of knitted fabrics is pleased to announce that all
conditions to completion of the Subscription Agreement had been fulfilled by
both Chinatex Corporation (“Chinatex”) and Fountain Set to the Subscription
Agreement and completion of the Subscription took place today.
Immediately after Completion, there were 1,203,046,960 Shares in issue,
which Chinatex currently holds approximately 34% of the issued share capital of
the Company and Honorary Chairman Mr. HA Chung Fong and associates hold
approximately 28.56%.
Following changes in the Board of Directors in accordance with the
Subscription Agreement, the current Board of Directors with effect from 6
June, 2012 consists of:
(1) Mr. HA Chung Fong, Honorary Chairman and Executive Director;
(2) Madam LI Lan, Chairman of the Board, Executive Director and Chairman of the
Nomination Committee;
(3) Mr. HA Kam On, Victor, Vice-Chairman of the Board and Chief Executive Officer of the Company;
(4) Dr. Gordon Yen, Executive Director;
(5) Mr. GONG Zhengyi, Executive Director and Member of the Remuneration
Committee;
(6) Mr. CHEN Rong, Executive Director;
(7) Mr. ZHANG Chong, Non-Executive Director and Member of Audit committee;
(8) Mr. CHEN Minghong, Non-Executive Director;
(9) Mr. NG Kwok Tung, Independent Non-Executive Director;
(10) Mr. CHOW Wing Kin, Anthony, Independent Non-Executive Director, Member of the Nomination Committee and the Member of
the Remuneration Committee; and
(11) Mr. YANG Shibin, Independent Non-Executive Director, Chairman of the Remuneration Committee and
Member of the Nomination Committee.
The Group welcomes the new Board of Directors and the biographies of the
newly appointed Directors are as
follows:
Madam LI Lan, aged 57, was appointed as the Chairman of the Board, an Executive
Director and the Chairman of the Nomination Committee on 6 June 2012. Madam
Li is currently the Deputy General Manager of Chinatex. Madam Li has almost 30 years
of experience in the textile industry. She joined the predecessor of Chinatex, China
National Textiles Import and Export Corporation (“General Corporation”) in
1983 and previously held positions as Deputy General Mmanager of General
Corporation, General Manager of Chinatex Knitwear and Manufactured Goods
Import and Export Corporation, and Deputy General Manager of Chinatex
Cotton and Yarn Import and Export Corporation.
Madam Li graduated with a Bachelor degree in Economics, major in French from the
Faculty of French Literature, Beijing Foreign Trade College (currently known as
University of International Business and Economics), China in 1983. Madam Li is
currently a council member of the 2nd annual China’s Association of Economy and Trade
Across Taiwan Straits.
Mr. GONG Zhengyi, aged 57, was appointed as an Executive Director and
the Member of the Remuneration Committee on 6 June 2012. Mr. Gong is
currently the General Manager of Chinatex (H.K.) Holding Limited, a subsidiary
of Chinatex. Mr. Gong has almost 28 years of experience in the textile industry.
He joined the predecessor of Chinatex, the General Corporation, in 1984 and
served as General Manager of Chinatex Raw Materials International Trading
Corporation, a subsidiary of Chinatex. He also held positions as General Manager of
Chinatex (Australia) Wool Company Proprietary Limited, a subsidiary of Chinatex.
Mr. Gong graduated from Hebei University, China, Faculty of Chinese Studies with
a major in Chinese Literature in 1979. He obtained a Certificate of Marketing
and Management in Macquarie Graduate School of Management, Australia in
1997. Mr. Gong has also obtained the qualification of Foreign Trade Management
Economist.
Mr. CHEN Rong, aged 49, was appointed as an Executive Director on 6 June 2012.
Mr. Chen has over 25 years of experience in the textiles industry. He is currently
the Deputy General Manager of Chinatex IndustryTrade United Company Limited,
a subsidiary of Chinatex. Mr. Chen joined Chinatex in May 2010 and served
as the Deputy General Manager of Strategy Department of Chinatex.
Mr. Chen graduated with a Bachelor of Science from the Faculty of Cotton and Textile
Engineering, Tianjin Institute of Textile Science and Technology, China in 1985.
Mr. ZHANG Chong, aged 41, was appointed as a Non-Executive Director and the Member of the Audit Committee on 6 June 2012. Mr. Zhang
is currently the general manager of Strategy Department of Chinatex. Mr. Zhang
has over 17 years of experience in the textiles industry. He joined the predecessor
of Chinatex, the General Corporation in 1995 and held positions as the Deputy
General Manager of Strategy Department and General Manager of Investment
Department of Chinatex, Deputy General Manager of Enterprise Management
Department of Chinatex, Officer of Policy Research Office and Assistant of Manager
Office of General Corporation.
Mr. Zhang graduated with a Master degree in Business Management from the
Faculty of Business Administration, University of International Business and
Economics, China in 1995.
Mr. CHEN Minghong, aged 45, was appointed as a NonExecutive Director on 6
June 2012. Mr. Chen has almost 20 years of experience in the textiles industry.
He is currently the General Manager of Chinatex Cotton Import and Export Corporation
(“Chinatex Cotton”), a subsidiary of Chinatex. Mr. Chen joined the predecessor of
Chinatex, the General Corporation in March 1993. He served successively as
the Deputy Manager and Manager of Cotton Department of Chinatex Cotton,
Assistant General Manager and Deputy General Manager of Chinatex Cotton.
Mr. Chen graduated with a Bachelor of Arts from the Department of Foreign
Languages of Tsinghua University in 1989.
Mr. YANG Shibin, aged 42, was appointed as an Independent Non-Executive Director, the Chairman of the Remuneration Committee and the
Member of the Nomination Committee on 6 June 2012. Mr. Yang has over
21 years of experience in the textiles industry. He is currently the Deputy Secretary
General of China National Textile and Apparel Council and Chairman of China Knitting
Industry Association (“CKIA”).
Mr. Yang joined the CKIA in 2005. Between 2002 and 2005, Mr. Yang held
positions as the Deputy General Manager, General Manager, General Manager
of Changshu Ecoya-Soy Fiber Company Limited of Changshu.
Between 1997 and 2002, he served as the SecretaryGeneral of China
Textile Industry Enterprise Management Association and Deputy Consultant of
State Bureau of Textile Industry.
Mr. Yang has been serving as an independent director of Shanghai Dragon
Corporation, a company listed in the Shanghai Stock Exchange, since 2007.
Mr. Yang graduated with a Master degree in Engineering from the Faculty of
Engineering, Donghua University, China in 2004. He graduated with a Master
degree of Executive Master of Business Administration from China Europe
International Business School, China in 2009.
Mr HA Chung Fong, the honorary chairman of Fountain Set said: ”On behalf of the
Board, I offer my sincere gratitude to former Independent NonExecutive Directors
Mr WONG Kwong Chi and Mrs FUNG Yeh Yi Hao, Yvette
for their efforts and contributions in the past. At the same time, I generously welcome
the newly appointed Directors who all have strong and solid experiences in the
textile industry which will certainly add great value to the Group. ”
Mrs LI Lan, the new chairman of Fountain Set agreed and said: “I am extremely
honoured and delighted to be appointed as Chairman of Fountain Set. With 43
years of history, Fountain Set has grown and developed from a 20staff fabric
dyeing house back in 1969 to a 14,200staff industry leader today; all
achieved by the visionary founder and former chairman Mr HA Chung Fong and
his team. We strongly believe that there will be tremendous potential for synergy
between Chinatex and Fountain Set. The new board is fully aligned. We are
committed to lead the company forward and strengthen the company to create
long term sustainable growth and profitability.”
~End~
About Fountain Set (Holdings) Limited
Fountain Set (Holdings) Limited and its subsidiaries are recognized in the
industry as one of the world’s largest circular knitted fabric manufacturers
and has long been a driving force in the global market through its vertically
integrated operations in spinning, knitting, dyeing, printing and finishing. The Group’s
product range also includes dyed yarns, sewing threads and garments. As a major
fabric supplier to garment manufacturers in over 40 countries that supply to internationally
renowned retail brands, Fountain Set’s worldwide sales reached HK$7.6billion (US$975 million)
in the financial year 2011.
Headquartered in Hong Kong and listed on The Stock Exchange of Hong Kong
Limited, Fountain Set (Holdings) Limited (SEHK: 420) has production facilities
in the PRC, Sri Lanka and Indonesia, with marketing and representative offices
in 5 countries and a global staff force of over 14,200.
To learn more about Fountain Set, please visit www.fshl.com
About Chinatex Corporation
Chinatex Corporation was established in 1951. With registered capital of RMB422
million, it is a large-scale group corporation under direct administration of the State-Owned Assets Supervision and the Administration Commission of the State Council
and one of the 500 largest enterprises of China.
During the past nearly 60 years, Chinatex has been adhering to the strategy
of scientific development and innovation, and has successfully transformed from a
traditional foreign trade company into a renowned largescale group company with
supplychain management ability and a leading and influential position in related
industries in relevant business sectors.
Chinatex vision is to become an excellent enterprise group with a leading and influential
position in related industries.
Chinatex strategic goal is to develop in core-business-related upper-stream and down-stream industries and become an enterprise group with supply-chain management ability and significant competitive edge in the textiles and grains
& oils industries.
Chinatex focuses on two core businesses. Its textiles business covers the trading
and manufacturing of cotton, wool, yarns & fabrics, home furnishing textiles and
garments. Its grains & oils business includes the trading, processing and warehousing
of soybean, corn, wheat, rape seeds, soybean oil, palm oil and etc.
There are more than 30 subsidiaries and overseas affiliates and more than 40
manufacturing plants of various types in Chinatex, engaging in the trade and
production of textile raw materials, textiles, grains, oil seeds and oils.
Chinatex has its own cotton plantation, cotton ginning and spinning mills,
knitwear and woven garment manufacturing bases, grain and edible oil production
bases, all of which are located across the country and overseas. Chinatex is
also the biggest trader of cotton and soybean, one of the initiators of China Cotton
Exchange.
In addition, it is also an essential buyer at the Australian wool auction market and one
of the largest Chinese clothing exporters. With its grains & oils processing capability
ranking No. 3 in China, Chinatex is also one of the 4 large scale grains & oils
processing enterprises under direct administration of the central government.
To learn more about Chinatex, please visit www.chinatex.com
For further information, please contact:
Ms Charmaine CHENG Ms Kerry Huang
Assistant General Manager - Corporate Affairs Corporate Affairs Officer
Tel +852 3478 7017 Tel +86510 86406888 - 8011
Fax +852 2418 7048 Fax +86510 86406889
Email whcheng@fshl.com Email lhuang1@fuhui.fshl.com
Source:Texindex
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