SAGE INT'L GP (08082) clarifies to advance $18.25 mln to subsidiary for general working capital

AAFN - Top News

2012-01-31 10:36:20

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SAGE INT'L GP (08082) issued clarification announcement in relation to the $18.246 mln advance to Era Investment, a 50% subsidiary which is engaged in the operation of cemetery business in Suzhou, for the intended use of general working capital and capital expenditure. The advance is mainly used for infrastructure construction work such as landscaping, cemetery and transportation facilities of Suzhou Celebrities. It is expected that more future revenue will be generated upon completion of the construction work. (y)

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