Sino Agro Food Inc (fka SIAF)

[jyyoo]

Quote:
Fredly also claims that he has a confidential prospect from SIAF to Development Bank of Singapore, where SIAF claims to be real owners of over half of the 63,4% ownership left in Tri-Way!


He misinterpreted it. SIAF owns 36.6%. The other 30% he is referring to is held in SIAF's name (SIAF Hong Kong) but they belong to the JV partners and are reserved and to be sold during the pre-IPO.

SIAF owns 36.6% or $124M. And there's an additional $45M owed by TRW. That's the result of the carve-out.

I have heard this explanation before as well but has the company actually provided an explanation for this 32% being held in SIAF's name (SIAF Hong Kong Limited) in writing? Can you tell us where you heard that SIAF HK Limited (who owns 32% in Tri-way) belongs to the JV partners and are reserved to be sold during the pre-IPO? This is yet another example of SIAF needing to be more transparent/clarify better. Hopefully this explanation can be included in their response.