Huafeng Shareholders Vote in Favour of All Agenda Items at the Company's 2007 Annual General Meeting (AGM)

Huafeng Textile International
2007-03-01 12:33 782

HONG KONG, Mar. 1 /Xinhua-PRNewswire/ -- One of the region's most successful and prominent fabric processing companies, Huafeng Textile International Group (stock code HK:0364), is pleased to announce that all resolutions proposed for consideration at the company's Annual General Meeting (AGM) held today in Hong Kong were approved.

During Huafeng's 2007 AGM, a number of changes were proposed and accepted of which the following were the most significant:

-- Approval of the Board's proposed dividend of HK 0.5 cents per share

for the year ended September 30, 2006;

-- Re-elections of Mr. Cai Zhenrong, Mr. Cai Zhenying and Mr. Cai Yangbo

to the position of Directors;

-- Authorization for the Board to fix the remuneration of the Directors

in alignment with the interests of shareholders;

-- Acceptance of a general unconditional mandate to be granted to allow

Directors to allot, issue and deal with additional shares in the

Company up to a value not exceeding 20% of the issued share capital

as at March 1, 2007;

-- Agreement for the granting of a general unconditional mandate to

allow Directors to repurchase shares in the Company up to a value not

exceeding 10% of the issued share capital as at March 1, 2007;

-- Approval of the renewal of the 10% General Scheme Limit on granting

of options under the share option scheme of the Company as adopted on

30 August 2002, conditional upon the Listing Committee of The Stock

Exchange of Hong Kong Limited granting the listing of, and the

permission to deal in, any shares representing 10% of the total

number of shares in issue as at March 1, 2007 to be allotted and

issued upon exercise of the options granted under the General Scheme

Limit as refreshed;

-- Amendment of the Articles of Association to conform with the amended

Listing Rules that a Director may be removed by an ordinary

resolution in a general meeting instead of a special resolution;

-- Re-appointment of RSM Nelson Wheeler as the company's auditors, and

approval of the auditor's fees to be paid in accordance with the

usual practices for charging.

During his address to the AGM, Huafeng's Chairman, Mr. Cai Zhenrong, gave an account of operations during the financial year ended September 30, 2006, stating that strong market conditions had enabled the Group to increase its annual revenue by 13% to HK$ 586 million, with profits totaling HK$ 85 million -- an increase of approximately 30% over last year.

Mr. Cai also took the opportunity to outline to shareholders the main features of Huafeng's corporate strategy for 2007. "Given the prevailing market conditions, our overall business objectives for Huafeng during 2007 will be to further improve upon the value of our holdings which, in turn, will be beneficial to our shareholders," he stated.

Looking ahead, he noted that as part of its plans, Huafeng would also shortly announce details relevant to its expansion initiatives for 2007. In conclusion, he commented that such plans were likely to include the addition of a new production facility in Fujian Province, China, either through an acquisition or a merger.

About Huafeng Textile International

Huafeng Textile International is a leader in fabric processing in China with an annual processing capacity of over 100,000 tonnes. Established in 1988, Huafeng provides top-notch fabric processing services ranging from bleaching, dyeing, setting, and finishing. In 2004, Huafeng made a significant expansion move and integrated a cotton yarn spinning business by building its own production lines and acquisition which has attributed to a substantial increase in turnover for the company. With a worldwide customer base, Huafeng's major production facilities are strategically located in Shishi City, Fujian Province in China, world renowned as the major casual wear manufacturing center in China. In an environmentally sensitive industry, Huafeng pays particular attention to preservation and has its own reservoir, fresh water processing plant and waste water treatment plant.

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Source: Huafeng Textile International
Keywords: Food/Beverages