Midas says trying to ascertain cash balance; promises to hold dialogue by end April

SINGAPORE (Apr 6): Midas Holdings has promised to hold a dialogue with minority shareholders by end April, even as the board tries to ascertain the cash balance and other legal entanglements of its subsidiaries in China.

In a filing to SGX on Friday, executive director Xu Wei Dong notes that key information on the lawsuits brought about by creditors and the financial health of the company “are still being retained by the staff” in China.

“Though time consuming and costly, the current board of directors of the company notes that information relating to the cash validations and the litigations may be obtained from the relevant banks and courts,” Xu states.

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