Chairman of East Asiatic replaced

East Asiatic Co (Hong Kong) (EAC) has announced a management reshuffle a few months after the failure of a bid to privatise the group.

Erik Bogh Christensen has replaced Michael Fiorini as chairman and Bjarne Uhde Nielsen, former managing director, is succeeded by Lars Lykke Iversen.

Mr Fiorini and Mr Nielsen were behind the December bid by Danish parent firm East Asiatic Co to privatise the Hong Kong firm.

Mr Christensen said EAC was suffering a liquidity problem that should ease by mid-year.

Expansion left the Hong Kong firm with debts of about 2.7 times its net assets.

'There are a number of options we're looking at,' Mr Christensen said.