THE following companies made announcements on Tuesday which could affect trading of their shares on Wednesday.

CapitaLand:CapitaLands subsidiary, CapitaLand (China) Investment Co,has divested its 100 per cent stakein Beijing CapitaLand Property Management Co (BCPM) for 20.8 million yuan (S$4.2 million). BCPM, whose main properties in Beijing are the clubhouse for the Orchid Garden residential development and 137 car park lots in the La Foret residential development, was sold to a party unrelated to CapitaLand. The divestment is in line with CapitaLands strategy of delivering better value to shareholders through proactive portfolio reconstitution.

Best World International:Best World International on Tuesday said ithas appointed independent reviewerPricewaterhouseCoopers Consulting (PwC) to examine its franchise model, afterThe Business Timesflagged concerns in February over the challenges in tracking sales of its DRs Secret line of premium skincare products in China. The group said that PwCs review will focus on the franchise model adopted by the company in China in 2018. Its objectives will be to verify the existence of the franchisees as at Dec 31, 2018, validate the sales to and cash received from sales to significant franchisees, and identify and make appropriate recommendations on any internal control weaknesses and breaches of the Singapore Exchange (SGX) listing manual, regulations or local laws.

The scope of work includes site visits to the business locations of the franchisees, conducting targeted reviews on the franchisees sales and purchase records, reviewing the physical flow of inventory, reviewing internal controls surrounding sales to franchisees and recommending improvements where applicable. PwC will report its findings directly to Best Worlds audit committee and the SGX RegCo.

Anchun:Chemical engineering company AnchunInternational Holdings has appointed He Zu Bing as chief financial officer (CFO), while its head of sales and marketing has retired. According to the companys Singapore Exchange (SGX) filing, Mr He has served as deputy financial controller of Anchuns wholly owned subsidiary Hunan Anchun Advanced Technology Co Ltd since May 2018. Meanwhile, its head of sales and marketing Li Chun Yang has retired after 25 years with the group, although he will continue to serve as non-executive director of the companys wholly owned subsidiary Hunan Anchun Advanced Technology Co.

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In a separate filing on Tuesday, Anchun responded to queries from SGX on the reason for the write-off of contract assets amounting to 6.97 million yuan (S$1.4 million), listed in its full-year results posted on Feb 28. Anchun said the amount was a provision for impairment losses on the assets, rather than a write-off. It also clarified that although the group recorded a profit before tax of 9.86 million yuan for FY2018, it did not declare any dividend for FY2018 because the company had incurred a loss of 2.7 million yuan. The group will continue its efforts to diversify into non-fertiliser industries and review its cash-flow requirements in view of the macroeconomic environment, and consider making appropriate dividend distributions to shareholders where its operating cash flow position allows, Anchun said.

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