Investors were left scratching their heads yesterday when freight forwarder Ideal Pacific Holdings said it had no immediate plans to launch two fund-raising exercises it had foreshadowed last month.
Ten days ago, vice-chairman Helen Fu Wai-hung revealed plans for a $100 million cash call to fund a new multi-purpose storage facility in eastern China and a US$4 million syndicated loan for a depot in Pudong.
Yesterday, however, she said the plans had not been finalised.
The proposal to build the storage facility was still being studied and the firm was still looking at how it would raise the $4 million for the depot, she said.
The depot, if built, would be the firm's third in Shanghai. It would own 51 per cent.
'Talks with the partner on the new depot are still under way. We hope we can reach an agreement within the next 12 months,' Ms Fu said.
'Meanwhile, we are conducting a feasibility study on the multi-purpose storage [facility] which may take us six months to finish.' The storage is designed to offer services including freezing and bulky-goods storage.