Sino Agro Food Inc (fka SIAF)

[aquaculture]

Thanks RD; so I understand you value the COSO as fair (even though, in my opinion, we might see representatives from our Mgt having holdings in TRW through private companies).

Also, I wonder if it's typical for a COSO to create a holding company for shares planned to be sold in pre-IPO or IPO. Because in addition to SIAFs 36,6%, we know that Sino Agro Food (HK) Limited holds 32%.

I would think that if/when these 32% are sold, the earnings go to the owners of this SIAF HK?? I don't know who owns it, but I guess it's SIAF due to the name of the company.

Usually, I would expect a pre-IPO/IPO to be done by capital increase in TRW and increase in O/S, so that the new shares give capital injection into TRW.

Just find it questionable how it's done.