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Jahwa falls for failing to disclose trades
Print Edition
Shares of Shanghai Jahwa United fell yesterday after it admitted it failed to disclose transactions worth 2.42 billion yuan (US$397 million) with Hujiang Household Chemicals Factory over nearly five years.
The transactions included 1.43 billion yuan worth of purchase orders from Hujiang Chemicals and sales valued at 980 million yuan.
The management committee of retired employees of Shanghai Jahwa and its parent company, Shanghai Jahwa Group, both hold stakes in Hujiang Chemicals, which meant that these dealings should have been revealed as transactions with related parties.
Shanghai Jahwa plans to set up an independent inspection mechanism to report these dealings to shareholders promptly in the future, it said in a stock exchange filing yesterday.
Its Shanghai-listed shares declined 1.08 percent to 40.29 yuan yesterday.
Jahwa Group’s committee initially held 10 percent of Hujiang Chemicals while that of Shanghai Jahwa held 15 percent, starting in 2008. Each then gradually increased their stakes to 15 percent and 33 percent respectively by 2012.
The two committees were dissolved in May after the dealings were first exposed by 21st Century Business Herald this year and their stakes were sold back to Hujiang Chemicals.
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