OTHERS LATITUDE TREE HOLDINGS BERHAD ("LTHB" OR THE "COMPANY") - Riots in Vietnam arising from Vietnam and China dispute over Paracel Islands in South China Sea
LATITUDE TREE HOLDINGS BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | LATITUDE TREE HOLDINGS BERHAD ("LTHB" OR THE "COMPANY") - Riots in Vietnam arising from Vietnam and China dispute over Paracel Islands in South China Sea |
Reference is made to the news
appearing on local and international newspapers on 13 May 2013 which reported
on the riots in Vietnam arising from the Vietnam and China dispute over the
arrival of the deep-sea oil rig close to the Paracel Islands in South China
Sea. The Board of Directors of LTHB wish to announce that the riot has spilled
over into the Vietnam Singapore Industrial Park (“VSIP”) where the Company’s
subsidiary, Latitude Tree Vietnam Joint Stock Company (“LTV”) is annexed to it.
Rioters have entered LTV’s premise/factory at afternoon on Tuesday, 13 May 2014.
The Company’s other subsidiary, RK Resources Co Ltd, is not affected as at
to-date. The main office building of
LTV has been vandalised, ransacked and looted by the rioters. Some important
data, permits, licenses and documents were destroyed or burnt. The rioters
attempted to burn LTV’s factory but the fire was put out by LTV’s workers. At
present, the production facilities were not affected although all factory
workers were forced to go on strike by the rioters. LTV has temporarily stopped its factory operations
since yesterday afternoon until further notice. Due to the on-going riot situation, LTHB is unable
to ascertain when the production can be resumed. However, LTHB is monitoring the situation
closely with the assistance of the Malaysian Consulate officials at Ho Chi Minh
City. For safety reasons, LTHB does not allow the Factory Manager of LTV and his
team to enter the factory at present. As such, LTHB is unable to ascertain the
damages and its financial impact thereon. All factory buildings,
machinery, inventories, office equipment, furniture fittings and ancillary
installations are insured against the risk of rioting. LTV has reported the incident to the
insurance company. At present, the insurance
company and the adjusters are unable to assess the extent and quantum of
damages as the rioting is still on going. Further announcements will be made as and when there are material
changes to the situation. This announcement is dated 14 May 2014. |
Announcement Info
Company Name | LATITUDE TREE HOLDINGS BERHAD |
Stock Name | LATITUD |
Date Announced | 14 May 2014 |
Category | General Announcement |
Reference No | CC-140514-62495 |