Perfect Treasure to issue clarification on Mitsubishi

PUBLISHED : Friday, 05 July, 1996, 12:00am
UPDATED : Friday, 28 October, 2016, 9:17am

Perfect Treasure Holdings is expected to issue a clarification today regarding its prospectus statement that it is a distributor of Mitsubishi Heavy Industries (MHI) air-conditioners in China.

Meanwhile, the company's listing is set to proceed, with allotment results due out today.

According to Lippo Securities, Perfect Treasure's underwriter, the 90 million shares being issued under the public offer have been oversubscribed 49 times, while the remaining 10 million shares offered to employees have been 54 times subscribed.

Lippo Securities director Henry Chin said the stock exchange's listing committee had indicated that the statement in Perfect Treasure's prospectus relating to its distribution rights was accurate.

The controversy arose earlier this week when Wo Kee Hong (Holdings) challenged Perfect Treasure's claim that it had been appointed by Mitsubishi Corp as a distributor of MHI products in China.

It sought clarification from MHI, which said it never gave permission to any company to appoint Perfect Treasure as a distributor in China.

Perfect Treasure maintained that Mitsubishi Corp Hong Kong, owned by Mitsubishi, had appointed it as a distributor.

Mitsubishi and MHI are sister companies, with Mitsubishi owning 1.6 per cent of MHI, which in turn holds 3 per cent of Mitsubishi.