(a) Mr Wu Hon Man Herman (Director of Procurement) ? Mr Herman Wu, a former alternate Board Director, will be appointed as interim executive director and he is responsible for the Group?s overall business operations including operational, sales and marketing, financial and compliance matters.
(b) Dr Yeung Ming Sang Sam (Chief Technology Officer) ? Dr Sam Yeung, a former Board Director, will be responsible for research and development and production for all the Group?s products.
(c) Ms Mak Wai Fong Winnie (Group Accounting Manager) ? Ms Winnie Mak will be appointed as interim Financial Officer and shall be responsible for managing and supporting Mr Herman Wu with the Group?s financial operations.

(a) the Interim Management Team (i) will provide an updated list of fixed assets and inventory of the two Dongguan subsidiaries and in connection with all the operations in Dongguan and (ii) has also been tasked to ensure that such assets are at all times safe-kept and any access thereto to be restricted and closely monitored and supervised by the Interim Management Team, during this period of suspension of operations
(b) all company seals and other authorisation seals in respect of the relevant bank accounts of the two Dongguan subsidiaries will be safe-kept by Mr Herman Wu during this period of suspension of operations
(c) the Audit Committee will as soon as practicably possible commence a comprehensive review of the Group?s existing bank signatories arrangements together with the Interim Management Team and ascertain if any changes will be required to amongst others facilitate and prevent any disruptions to the operations of the Group, pending the completion of the Investigations
(d) the Audit Committee will also continue to review and assess the Group?s existing internal control systems together with the Interim Management Team to ensure that they remain effective and adequate.

By TEO SI JIA

Anwell Technologies Limited on Monday announced that its subsidiary, Dongguan Anwell Digital Machinery Co Ltd, has secured 700 million yuan (US$108.28 million) in capital injection from the Municipal Government of Dongguan.

The funding will go into the development of its second thin film solar panel manufacturing base in Dongguan.

The investment will make Dongguan government a 19.5- per cent shareholder of the subsidiary, bringing its value to 3.6 billion yuan.

Dongguan government has the option of selling off its shares to Anwell at cost plus interest at the end of five years.

Anwell also secured funding for its expansion of its thin film solar panel plant in Anyang from the municipal government, bringing total funding for both plants to 1.2 billion yuan.

The company said it aims to achieve 1.5GW of annual production capacity within the next five years.

Anwell Technologies Limited  announced that its wholly owned subsidiary, Dongguan Sungen Ltd. had secured long-term funding arrangement of RMB 500 million from the Municipal Government of Dongguan for the set-up of the Group’s second thin film solar panel production plant, which is based in Dongguan.  With a target to start production in 2012, the new plant will be producing Anwell’s latest proprietary products including tandem junction and advanced multi-junction thin film solar panels. The Group aims to achieve 1.5GW annual production capacity within 5 years, with the continuing support from the Government.  (Closing price: S$ 0.255)

 

 

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