RNS Number:3858E
Arko Holdings PLC
25 September 2007
FOR IMMEDIATE RELEASE 25 September 2007
ANNOUNCEMENT TO THE LONDON STOCK EXCHANGE
Arko Holdings plc ("the Company" or "Arko")
Interim Results of the Company
for the six months ended 30 June 2007
The Board of Arko announces the Interim Results of the Company for the six
months ended 30 June 2007, which are set out below. These have today been
published and will be despatched to Arko shareholders.
Copies of these financial statements will be available from the offices of
Nabarro Wells & Co. Limited, Saddlers House, Gutter Lane, Cheapside, London EC2V
6HS and from the Company's website at www.arkoholdings.com.
CHAIRMAN'S STATEMENT
I am pleased to report on the Company's progress to date.
The year has begun well for our Company with considerable growth in both revenue
and profit. This growth has been mainly driven by the operations in the terminal
and the shipping logistics business. Although this report records encouraging
results compared to the same period of 2006, we cannot ignore the disappointing
performance of the power plant, on which I comment below.
Introduction of International Financial Reporting Standards ('IFRS')
This year is the first year in which the Company reports its results under
International Financial Reporting Standards (IFRS). An explanation of the
differences arising when compared with results previously reported under UK GAAP
is provided later in this report.
Results
Total revenues increased by US$1.34 million, or 28.3%, to US$6.08 million during
the first half of 2007 versus US$4.74 million during the first half of 2006.
This growth was primarily driven by our Keen Chance Terminal revenue, which grew
31.4% period over period and comprised 88.5% of total revenue in the first half
of the current year. Income from the power plant recorded under "other
operating income" was US$437,000, representing a 31.2% reduction compared to
US$635,000 during the first six months of 2006. Profit after tax for the first
half of 2007 was US$466,000 compared to US$126,000 for the first half of 2006.
The growth in profit is partly due to the adoption of new accounting policies,
as a result of which annual amortisation of goodwill is not required. Instead,
annual impairment reviews will have to be conducted by the year end and results
may be affected accordingly.
At 30 June 2007, our cash and cash equivalents was US$834,000 versus S$439,000
at 30 June 2006. During the first six months of 2007, we generated net cash
from operating activities of approximately US$1.69 million compared to
US$576,000 during the first six months of 2006. This increase in cash
generation was primarily related to growth in income in the terminal operation
and improvement in collections on debtors. The net cash outflow for the period
of US$1.11million (2006: US$468,000) was impacted by capital expenditures on the
current equipment and machinery procurement programme in Keen Chance Terminal,
described below. We expect to incur approximately US$3.42 million in capital
expenditures for the full year 2007, of which US$1.11 million was incurred
during the first six months of the year. (This will be financed partly from our
own resources and partly through lease finance.)
Summary and Outlook
Despite progress made in the first half of the year, the competition in the
terminal operation market as well as disappointing performance in the power
plant make it necessary to approach the second half with some caution. In fact,
no electricity has been generated at the power plant since April 2007 as the
operator ran out of funds; therefore, the income generated from the power plant
has for the moment ceased. We shall report further to the shareholders on this
situation in due course.
Apart from the new 45t/45m rail-mounted gantry crane reported in my chairman's
statement of 31 December 2006, construction of another two gantry cranes of a
similar size is under way and we have placed an order for three 45-tons quayside
container cranes in August. Completion of the construction of the new rail as
well as the renovation of the quayside will substantially increase the capacity
of the terminal and we are therefore optimistic about the growth in the
operation of the terminal in the years to come.
Staff
The Board would again like to thank all our staff, for the commitment,
professionalism and loyalty that they have shown during the last six months.
Qin Shun Chao
Chairman
21 September 2007
ARKO HOLDINGS PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2007
(Unaudited)
Six months ended Year ended
30th June 31st December
Note: 2007 2006 2006
(Restated) (Restated)
US$'000 US$'000 US$'000
Revenue 3. 6,083 4,741 9,323
Cost of sales (3,872) (2,671) (5,139)
Gross profit 2,211 2,070 4,184
Other operating income 437 635 760
Administrative expenses (1,862) (2,352) (3,945)
Finance costs - (64) (210)
Impairment loss of goodwill - - (2,000)
Profit/(Loss) before tax 786 289 (1,211)
Income tax 5. (320) (163) (321)
Profit/(Loss) for the period 466 126 (1,532)
Attributable to:
Equity holders of the parent 259 (247) (1,928)
Minority interest 207 373 396
466 126 (1,532)
Earnings/(loss) per share
Basic and diluted 4. 0.013 (0.013) (0.097)
ARKO HOLDINGS PLC
CONDENSED CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2007
(Unaudited)
As at 30th June At 31st December
Note 2007 2006 2006
(Restated) (Restated)
US$'000 US$'000 US$'000
NON- CURRENT ASSETS
Goodwill 20,807 22,807 20,807
Property, plant and equipment 7 33,237 33,603 32,842
Investment in an associate 8 12 12 12
54,056 56,422 53,661
CURRENT ASSETS
Inventories 100 73 77
Trade and other receivables 10,303 8,086 10,148
Cash and cash equivalents 834 439 838
11,237 8,598 11,063
TOTAL ASSETS 65,293 65,020 64,724
Equity
Issued capital 10 14,922 14,922 14,922
Share premium 11 15,662 15,662 15,662
Merger reserve 11 26,043 26,043 26,043
Retained earnings 11 (11,771) (11,071) (13,402)
Other reserve 11 1,682 1,846 1,682
EQUITY ATTRIBUTABLE TO EQUITY 46,538 47,402 44,907
HOLDERS OF THE PARENT
MINORITY INTEREST 13,139 12,916 12,932
TOTAL EQUITY 59,677 60,318 57,839
NON-CURRENT LIABILITIES
Trade and other payables 2,689 2,728 2,951
CURRENT LIABILITIES
Current tax liabilities 543 589 649
Trade and other payables 2,384 1,385 3,285
TOTAL EQUITY AND LIABILITIES 65,293 65,020 64,724
ARKO HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30TH JUNE 2007
Statutory
Share Share surplus Merger Retained Sub Minority
capital premium reserve reserve profits Total interests Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Balance at 1st January 2006
- as previously stated 14,922 15,662 1,681 26,043 (10,742) 47,566 12,543 60,109
Exchange translation difference - - 165 - (82) 83 83
Loss for the period - - - - (247) (247) 373 (571)
As 30 June 2006 14,922 15,662 1,846 26,043 (11,071) 47,402 12,916 60,318
Balance at 30 June 2007 14,922 15,662 1,846 26,043 (11,071) 47,402 12,916 60,318
Exchange translation difference (164) (650) (814) '(7) (821)
Loss for the period (1,681) (1,681) 23 (1,658)
At 31 December 2006 14,922 15,662 1,682 26,043 (13,402) 44,907 12,932 57,839
Balance at 1st January 2007 14,922 15,662 1,682 26,043 (13,402) 44,907 12,932 57,839
Exchange translation difference - - - - 1,372 1372 1,372
Profit for the period - - - - 259 259 207 466
At 30 June 2007 14,922 15,662 1,682 26,043 (11,771) 46,538 13,139 59,677
ARKO HOLDINGS PLC
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2007
Six months ended Year ended
30th June 31st December
2007 2006 2006
(Restated) (Restated)
US$'000 US$'000 US$'000
CASH INFLOW FROM
OPERATING ACTIVITIES 1,691 576 1,815
TAX PAID (320) (284) (383)
NET CASH FROM OPERATING ACTIVITIES 1,371 292 1,432
NET CASH OUTFLOW FROM INVESTING
ACTIVITIES
Payments to acquire tangible fixed assets (1,113) (468) (1,776)
Receipts from sale of tangible fixed assets - - 490
(1,113) (468) (1,286)
NET CASH (OUTFLOW)/INFLOW FROM
FINANCING ACTIVITIES
Interest paid - (64) (210)
Capital element of finance lease rental payments - - 249
Increase/(decrease) in bank and other borrowings - 3 -
(Decrease) / Increase in advances from fellow investors (262) 23 -
(262) (38) 39
(DECREASE)/INCREASE IN CASH
AND CASH EQUIVALENTS (4) (214) 185
CASH AND CASH EQUIVALENTS AT
AT BEGINNING OF THE PERIOD/YEAR 838 653 653
CASH AND CASH EQUIVALENTS
AT END OF THE PERIOD/YEAR 834 439 838
Reconciliation of operating profit to Net cash(outflow)/
inflow from operating activities
Profit/(loss) before tax as per the Income Statement 786 289 (1,211)
Amoritisation 0 0 2,000
Depreciation 718 744 2,127
Finance cost 0 64 210
(increase)/decrease in stock (23) 71 68
(increase)/decrease in debtors (155) 724 (1,338)
increase/(decrease) in creditors (1,007) (1,398) 440
loss/(gain) on disposal of fixed assets 0 0 11
Management fee
Exchange adjustment 1,372 82 (492)
1,691 576 1,815
ARKO HOLDINGS PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2007
1. BASIS OF PREPARATION
The condensed financial statements have been prepared using accounting policies
consistent with International Financial Reporting Standards (IFRS).
2. SIGNIFICANT ACCOUNTING POLICIES
Commencing from 1st January 2007, the Condensed consolidated financial statement
have been prepared in accordance with International Financial Reporting Standard
(IFRS) as adopted for use in the European Union, and comparative figures for the
six months ended 30 June 2006 and year ended 31 December 2006 have been restated
in accordance with IFRS.
There is no GAAP difference in the Cash flow statement, save that there is no
reconciliation adjustment at 1 January 2006.
Income and equity reconciliation statements are stated below so as to reflect
the effect of the adoption of the above accounting policies:
UK GAAP Adjustment IFRS
Period ended 30th June 2006 US$'000 US$'000 US$'000
Revenue 4,741 - 4,741
Cost of sales (2,671) - (2,671)
Gross profit 2,070 - 2,070
Other operating income 635 - 635
Administrative expenses (2,352) - (2,352)
Goodwill amortisation (697) 697 -
Operating (loss) (344) 697 353
Finance costs (64) - (64)
Profit before taxation (408) 697 289
Income tax (163) - (163)
Profit for the period (571) 697 126
Attributable to:
Equity holders of the parent (944) 697 (247)
Minority interest 373 - 373
(571) 697 126
Basic and diluted earnings per share (0.048 cents) 0.035 cents (0.013 cents)
2. SIGNIFICANT ACCOUNTING POLICIES (CON'T)
UK GAAP Adjustment IFRS
Year ended 31 December 2006 US$'000 US$'000 US$'000
Revenue 9,323 - 9,323
Cost of sales (5,139) - (5,139)
Gross profit 4,184 - 4,184
Other operating income 760 - 760
Administrative expenses (3,945) - (3,945)
Impairment loss of goodwill (2,000) - (2,000)
Goodwill amortisation (1,593) 1,593 -
Operating (loss) (2,594) 1,593 (1,001)
Finance costs (210) - (210)
(Loss) before taxation (2,804) 1,593 (1,211)
Income tax (321) - (321)
(Loss) for the period (3,125) 1,593 (1,532)
Attributable to:
Equity holders of the parent (3,521) 1593 '(1,928)
Minority interest 396 - 396
Income attributable to shareholders (3,125) 1,593 (1,532)
Basic and diluted earnings per share (0.1779 cents) 0.0809 cents (0.097 cents)
Reconciliations of equity are stated below so as to reflect the effect of
adoption of the above accounting policies:-
Statutory
Share Share surplus Merger Retained Sub Minority
capital premium reserve reserve profits Total interests Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
As at 30 June 2006
Previously reported under UK GAAP 14,922 15,662 1,846 26,043 (11,768) 46,705 12,916 59,621
Change in accounting policy to
comply with IFRS 3 (Goodwill) - - - - 697 697 697
Restated under IFRS 14,922 15,662 1,846 26,043 (11,071) 47,402 12,916 60,318
As at 31 December 2006 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Previously reported under UK 14,922 15,662 1,682 26,043 (14,795) 43,514 12,932 56,446
GAAP
Change in accounting policy to
comply with IFRS 3 (Goodwill) - - - - 1,393 1,393 1,393
Restated under IFRS 14,922 15,662 1,682 26,043 (13,402) 44,907 12,932 57,839
2. SIGNIFICANT ACCOUNTING POLICIES (CON'T)
UK GAAP Adjustment IFRS
Balance Sheet as at 30 June 2006 US$'000 US$'000 US$'000
NON-CURRENT ASSET
Goodwill 22,110 697 22,807
Property, plant and equipment 33,603 33,603
Investment in associate 12 12
55,725 697 56,422
Current Assets
Inventories 73 73
Trade and other receivables 8,086 8,086
Cash and cash equivalents 439 439
8,598 8,598
TOTAL ASSETS 64,323 697 65,020
Issued Capital 14,922 14,922
Share Premium 15,662 15,662
Merger reserve 26,043 26,043
Retained earnings (11,768) 697 (11,071)
Other Reserve 1846 1,846
EQUITY ATTRIBUTABLE TO EQUITY HOLDER OF THE
PARENT
46,705 697 47,402
MINORITY INTEREST 12,916 12,916
TOTAL EQUITY 59,621 697 60,318
NON-CURRENT LIABILITIES
Trade and other payables 2,728 2,728
CURRENT LIABILITIES
Current tax liabilities 589 589
Trade and other payables 1,385 1,385
1,974 1,974
TOTAL EQUITY AND LIABILITIES 64,323 697 65,020
2. SIGNIFICANT ACCOUNTING POLICIES (CON'T)
UK GAAP Adjustment IFRS
Balance Sheet as at 31 December 2006 US$'000 US$'000 US$'000
NON-CURRENT ASSET
Goodwill 19,414 1,393 20,807
Property, plant and equipment 32,842 32,842
Investment in associate 12 12
52,268 1,393 53,661
Current Assets
Inventories 77 77
Trade and other receivables 10,148 10,148
Cash and cash equivalents 838 838
11,063 11,063
TOTAL ASSETS 63,331 1,393 64,724
Issued Capital 14,922 14,922
Share Premium 15,662 15,662
Merger reserve 26,043 26,043
Retained earnings (14,795) 1,393 (13,402)
Other Reserve 1,682 1,682
EQUITY ATTRIBUTABLE TO EQUITY HOLDER OF THE
PARENT 43,514 1,393 44,907
MINORITY INTEREST 12,932 12,932
TOTAL EQUITY 56,446 1,393 57,839
NON-CURRENT LIABILITIES
Trade and other payables 2,951 2,951
CURRENT LIABILITIES
Current tax liabilities 649 649
Trade and other payables 3,285 3,285
3,934 3.934
TOTAL EQUITY AND LIABILITIES 63,331 1,393 64,724
3. TURNOVER
Six months ended Year ended
30th June 31st December
2007 2006 2006
Continuing operations US$'000 US$'000 US$'000
Terminals and shipping logistics 6,083 4,732 9,299
Trading and others - 9 24
6,083 4,741 9,323
4. EARNINGS/(LOSS) PER SHARE
Basic and diluted earnings (loss) per share are calculated by dividing the
earnings (loss) attributable to equity holders of the parent by the number of
ordinary shares in issue during the periods ended 30 June 2007 and 30 June 2006
and 31 December 2006
Six months ended Year ended
30th June 31st December
2007 2006 2006
Continuing operations
Profit/(Loss) attributable to equity holders(USD,000) 259 (247) (1,928)
Number of ordinary shares in issue 1,978,895,097 1,978,895,097 1,978,895,097
Earning per share (Basic and diluted) 0.013 cent (0.013 cent) (0.097 cent)
5 TAXATION
Six months ended Year ended
30th June 31st December
2007 2006 2006
US$'000 US$'000 US$'000
PRC Enterprise income tax for the period 320 163 321
Subsidiary companies operating in the People's Republic of China are
subject to Enterprise Income Tax ('EIT") at rates ranging from 15% to 33%.
However, certain subsidiaries are subject to tax holidays from the local tax
authorities under income tax law, while others had losses brought forward from
previous years.
6 DIVIDEND
The directors do not recommend the payment of any dividend.
7 PROPERTY, PLANT AND EQUIPMENT
During the period, the Group spent approximately US$1,113,000 in acquiring
property, plant and equipment. (six months ended 30 June 2006: US$468,000).
8 INVESTMENT IN ASSOCIATE
The investment in associate represents 20% of the ordinary shares in a
company incorporated in the People's Republic of China, Guangzhou Keen Lloyd
Shipping Agents Limited, at consideration of RMB 100,000 (US$12,082). The
associate is principally engaged in provision of logistics and related services.
9. PRINCIPAL SUBSIDIARY COMPANIES
At 30th June 2007, the company held 100% of the ordinary shares of Arko
Offshore Holdings Limited, a company incorporated in the British Virgin Islands
("BVI"), whose principal activity was that of a holding company. Arko Offshore
Holdings Limited had the following subsidiary undertakings:
Name Shareholding Principal activities Place of incorporation
Arko Energy Ltd 100% Investment holding British Virgin Islands
Arko Consultants Ltd 100% Providing management British Virgin Islands
services
Arko Pacific Ltd 100% Investment holding British Virgin Islands
Long Prosperity Industrial Ltd* 100% Investment holding Republic of Seychelles
Arko Silicon (Hubei) Ltd * 100% Dormant People's Republic of
China
Sanko Mineral Ltd * 100% Sub-letting of yachts, British Virgin Islands
ships and vessels
Arko Logistics Ltd * 100% Providing logistics Hong Kong
and related services
Arko Satellite Ltd * 100% Dormant British Virgin Islands
Arko Terminal Ltd ("ATL")* 100% Investment holding Republic of Seychelles
Changzhou Power Development 59.2% Operating a coal-fired People's Republic of
Company Ltd* thermal power plant China
Keen Chance Terminal (GZ) 40% Investing in and People's Republic of
Company Ltd * operation of a China
terminal and
providing logistics
services
Fujian Sanko Mining Ltd * 70% Dormant People's Republic of
China
*held by a subsidiary of Arko Offshore Holdings Limited
10 SHARE CAPITAL
Issued capital as at 30th June 2007 amounted to US$ 14,921,520. There were
no movements in the issued capital of the Company in either the current or the
prior interim reporting period.
11 RESERVES
Statutory
Share surplus Merger Retained Sub Minority
premium reserve reserve profits Total interests Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
(Note 1) (Note 2) (Restated) (Restated)
Balance at 30 June 2006
- as previously stated 15,662 1,846 26,043 (11,768) 31,783 12,916 44,699
Change in accounting policy
to comply with IFRS 3 - - - 697 697 697
As restated 15,662 1,846 26,043 (11,071) 32,480 12,916 45,396
Exchange translation - (164) - (650) (814) (7) (821)
difference
(Loss) for the period - - - (1,681) (1,681) 23 (1,658)
At 31 December 2006 15,662 1,682 26,043 (13,402) 29,985 12,932 42,917
Exchange translation - - - 1,372 1,372 1,372
difference
Profit for the period - - - 259 259 207 466
At 30 June 2007 15,662 1,682 26,043 (11,771) 31,616 13,139 44,755
1. In accordance with the law of the People's Republic of China and the
Articles of Association of certain of the Company's subsidiaries, directors at
their discretion make appropriations to a statutory surplus reserve equivalent
to 10% of the subsidiaries' net profits. Appropriations may also be made to
statutory public welfare reserve equivalent to 5 to 10% of the net profits of
these operating subsidiaries. Distribution of profits to shareholders can only
be made after such appropriation.
The statutory surplus reserve may be used to reduce any losses incurred or
be capitalised as paid up capital. The use of the statutory public welfare
reserve is restricted to capital expenditure incurred for staff welfare
facilities. The statutory public welfare reserve is not available for
distribution.
2. The merger reserve represents the difference between the nominal value
of shares of the subsidiary company acquired, and the nominal value of the
Company's shares issued in 2002.
3. Exchange reserves are included in retained earnings, under an IFRS
exemption. There is therefore no exchange reserve at the date of transition to
IFRS.
11 RESERVES ( CON'T)
Retained profits Exchange Retained profits
(Original) reserves Deduct Exchange
reserves
(USD'000) (USD'000) (USD'000)
Balance at 1 January 2006 (10,742) 0 (10,742)
Exchange differences arise on translation (329) 140 (189)
Balance at 30 June 2006 (11,071) 140 (10,931)
Balance at 30 June 2006 (11,071) 140 (10,931)
Exchange differences arise on translation (2,331) 449 (1,882)
Balance at 31 December 2006 (13,402) 589 (12,813)
Balance at 31 December 2006 (13,402) 589 (12,813)
Exchange differences arise on translation 1,631 (1,364) 267
Balance at 30 June 2007 (11,771) (775) (12,546)
12 OPERATING LEASE COMMITMENTS
At 30 June 2007, the Group was committed to make the following payments in
respect of land and building under operating leases:
Lease which expires: US$
in the next year 93,156
in the second to fifth years 7,763
100,919
13 CAPITAL COMMITMENTS
At 30 June 2007, the Group had capital commitments contracted in respect of the
acquisition of three gantries from a non-related supplier in the sum of RMB
16,800,000 intended for use by a subsidiary company, Keen Chance Terminal (GZ)
Company Limited. At 30th June 2007, the Group has settled RMB 2,520,000.
14 CONTINGENT LIABILITIES
(a) On 23 July 1998, a subsidiary of the Company, Keen Chance Terminal
(GZ) Company Limited ("KCT"), gave a guarantee for RMB50 million (equivalent to
approximately US$5.9 million) in favour of the Huangpu Branch of the Industry
and Commercial Bank of China for banking facilities granted to Harbour Economic
Development Company Limited ("HEDCL"), a fellow investor in KCT and its ultimate
controlling party, Guangzhou Huangpu Foreign Trade Group Company Limited and
secured over their equity interests in KCT. HEDCL was unable to repay the loans
due to the bank. The bank took action against KCT to enforce the guarantee for
the outstanding loan.
(b) On 9 November 1999, KCT gave a guarantee for RMB18 million
(equivalent to approximately US$2.1 million) in favour of Nangang Rural Credit
Co-operation Bank for banking facilities granted to Miaotou Economic Development
Company Limited ("MEDCL"), a fellow investor in KCT, secured over its equity
interests in KCT. MEDCL was unable to repay the outstanding loan.
On 27th September 2001, the Guangzhou Law Court delivered an order and notice
that the guarantees above were invalid and MEDCL's equity interest in KCT was
frozen.
Based on legal advice, the equity interests had no material impact on the
operations of KCT and the directors consider that no provision is required.
KCT maintains that the guarantee given was invalid on the following grounds:
(1) such guarantee did not have approval from the board of directors of
KCT;
(2) in accordance with the law of the People's Republic of China, the
board of directors and the management of KCT cannot give KCT's
properties for guarantee to its shareholder; and
(3) the controlling party of HEDCL has not held a valid business
licence since 1998 and ceased operations in 1999. In accordance with the
banking regulations of the People's Republic of China, the bank cannot lend
money to enterprises which do not have a valid business licence.
The legal proceedings are still in progress. Based on legal advice, the
directors are of the opinion that the loan agreement was void because it was
illegal and accordingly, the guarantee contract was also invalid.
Furthermore, Keen Lloyd Holdings Limited, the Company's parent company, has
indemnified the Group against any loss KCT will suffer should the guarantee be
enforceable.
Accordingly, the directors are of the opinion that no provision should be made
in the financial statements for any possible claim from the bank in respect of
the litigation.
15 RELATED PARTY TRANSACTIONS
Other than transactions otherwise disclosed in the financial
statements, the Group had the following material transactions which were carried
out on an arm's length basis with related parties during the period.
Six months ended Year ended
30th June 31st December
2007 2006 2006
Nature US$ US$ US$
Agency charges (note a) 38,795 36,772 73,543
Hiring charges for Motor Vehicles (note b) 7,679 11,572 23,144
Management fee received (note b) - 8,707 24,516
a) The agency charges are paid to Guangzhou Tung Lloyd Shipping Agency
Limited in which the Chairman, Mr Qin Shun Chao, is a director.
b) The hiring charges are paid to Winko Metal Limited, which is controlled
by Keen Lloyd Holdings Limited. The management fee is received from Tanko
Electronics Limited, which is also controlled by Keen Lloyd Holdings Limited.
16 APPROVAL OF INTERIM FINANCIAL STATEMENTS
The interim financial statements were approved by the board of
directors on 21 September 2007.
17 FINANCIAL STATEMENTS
This statement does not comprise full financial statements within the meaning of
Section 240 of the Companies Act 1985.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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