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Midas says Jilin subsidiaries shrugged off instructions to remit funds

Management & Corporate Governance

Midas says Jilin subsidiaries shrugged off instructions to remit funds

PC Lee Published on Thu, Mar 29, 2018 / 3:52 PM GMT+8

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SINGAPORE (Mar 29): More trouble is brewing at Midas Holdings, the manufacturer of aluminium parts.

Two of Midas' subsidiaries in China -- Jilin Midas Aluminium Industries (Jilin Midas) and Jilin Midas Light Alloy (JMLA) -- have yet to remit funds to its Singapore office despite being instructed to do so by the head office.

The funds were from the redemption of of Midas' US$30 million Series 003 Notes with 7% coupon due 2017 which has now been extended to 2018.

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