Almana Limited — Capital/Financing Update 2015

Jun 15, 2015

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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China Asean Resources Limited 神州東盟資源有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 8186)

UNAUDITED FINANCIAL INFORMATION OF THE GROUP AND UPDATE ON BUSINESS AND AUDIT OF THE GROUP

Reference is made to the announcement of the Company dated 15 April 2015 (the “Announcement”) relating to, among other things, the tentative timetable for the publication of the outstanding financial information. Unless the context requires otherwise, capitalised terms used herein shall have the same meanings as defined in the Announcement.

UNAUDITED FINANCIAL INFORMATION

Set out below is a summary of the unaudited financial information of the Group for the year ended 31 December 2014. However, such financial information has not been finalised and is pending for and subject to (i) the finalisation of the audit procedures carried by the Company’s auditors, (ii) the review amongst the Company and the relevant professional parties; (iii) the outcome and content of the relevant technical reports and the valuation reports in respect of the Group’s forestry assets in Cambodia and the related potential impairment (if any) to be made and the relevant tax impact; and (iv) the potential adjustments that might be proposed by the auditors.

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CONSOLIDATED INCOME STATEMENT

	For the
	year ended
	31 December 2014
	HK$’000
Turnover	—
Cost of sales	—
Gross Profit	—
Other income and gains	1,172
Amortisation and depreciation	(15,787)
Administrative expenses	(25,662)
Finance costs	(13,180)
LOSS BEFORE TAX	(53,457)
Income tax expenses	(383)
LOSS FOR THE YEAR	(53,840)
Loss attributable to equity holders of the Company	(53,840)

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	As at
	31 December 2014
	HK$’000
Non-current assets
Property, plant and equipment	33,024
Forestry related and other assets	994,429
Total non-current assets	1,027,453
Current Assets
Inventories	3,065
Prepayments, deposits and other receivables	13,625
Cash at bank and on hand	2,288
Total current assets	18,978
Current liabilities
Other payables and accruals	126,954
Total current liabilities	126,954
NET CURRENT LIABILITIES	107,976
NET ASSETS	919,477
EQUITY
Issued Capital	131,198
Reserves	788,282
Total equity attributable to:
Equity holders of the Company	919,480
Non-controlling interests	(3)
TOTAL EQUITY	919,477

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Shareholders and potential investors should note that the above unaudited financial information has not been reviewed and/or audited by the auditors of the Company and have not taken into account any of the potential impairment and the potential adjustments that might be arisen as a result of the audit work carried out by the auditors of the Company. These adjustments (if any) could have significant impact on the overall financial results of the Group for the year ended 31 December 2014 which could lead to the audited consolidated results and positions of the Group being substantially deviated from the above.

UPDATE ON BUSINESS DEVELOPMENT

As mentioned in the Announcement, the Group is in the course of re-activating its sourcing and logistics business, among other things, coal, which is one of the Group’s principal businesses, and has been evaluating different alternatives regarding its forestry business. As at the date of this announcement, the Company has developed a framework understanding with its business partners regarding the future financing and business arrangement with a view to revitalizing the Group’s forestry business. On one hand, the Company is preparing the outstanding audited financial reports and other information required by the Stock Exchange for the purpose of resumption of trading in shares of the Company; on the other hand, the Company has formally engaged two investment banks as its joint financial advisers for purposes of, among other things, preparing and reviewing the necessary documents required for the resumption of trading in shares of the Company.

UPDATE ON AUDIT OF THE GROUP

The Company is in the course of negotiation with its business partners on the business development and the funding arrangements of the Group’s timber business in Cambodia which may have impact on the financial results and presentation of the audited reports; therefore, additional time is required for the Group to finalise the relevant technical reports and valuation reports in respect of the Group’s forestry assets in Cambodia, as well as the audited financial results for the years ended 31 December 2012, 2013 and 2014, the unaudited interim results for the six months ended 30 June 2013 and 2014 and the unaudited first quarterly results for the three months ended 31 March 2013, 2014 and 2015 and the unaudited third quarterly results for the nine months ended 30 September 2013 and 2014 (collectively, the “Outstanding Financial Information”), it is expected the Outstanding Financial Information will be published in or around July 2015.

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SUSPENSION OF TRADING

Trading in the shares of the Company will remain suspended pending the fulfillment of the resumption conditions. Shareholders and potential investors are cautioned not to unduly rely on the unaudited financial information disclosed above and should exercise caution when dealing in the shares of the Company.

By order of the Board China Asean Resources Limited Fung Wing Sang Company Secretary

Hong Kong, 15 June 2015

As at the date of this announcement, the board of directors of the Company comprises three executive directors, namely, Ms. Yu Xiao Min, Ms. Xu Miaoxia and Mr. Zeng Lingchen; and three independent non-executive directors, namely Ms. Pang King Sze, Rufina, Mr. Hong Bingxian and Mr. Hung Kenneth.

This announcement, for which the directors of the Company collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.

This announcement will remain on the GEM website at http://www.hkgem.com on the “Latest Company Announcements” page for seven days from the date of its publication and on the website of the Company at http://www.chinaaseanresources.com.

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