Garment manufacturer Tack Fat has gone bankrupt (1)
The Hong Kong-based daily newspaper South China Morning Post, October 8, 2008, confirmed that Tack Fat Group International, a well-known firm listed on the Hong Kong Stock Exchange and the mother company of Tack Fat Garment (Cambodia) Ltd, a major garment manufacturer in this country, has gone bankrupt. The news reads as follows, "Last month [September 2008], banks applied to wind up (…) swimwear maker Tack Fat International Group after [it] defaulted on loans." Tack Fat becomes the second "collapse of a Hong Kong-listed retailer amid the financial meltdown."
According to a business analysis, "Tack Fat Group's principal activities are designing and manufacturing of jeans, pants, shorts, swimming apparel and sportswear for men, women and children. Other activity includes investment holding. The Group has three production facilities, one of which is located in Luoding City, Guandong Province, the People's Republic of China and the other two of which are located in Phnom Penh, Cambodia. The majority of the Group's products are exported to the North American, European markets and other regions." http://tinyurl.com/3mpvvl
A September 16, 2008 statement by the Group's "Provisional Liquidators Appointed" specifies, "The place of incorporation of the Company is in Cayman Islands and the shares [were] suspended for trading since 9:30am, 30 July 2008." http://tinyurl.com/3lgb8a
Information about Tack Fat Garment (Cambodia) Ltd can be obtained at http://tinyurl.com/437q8l
Property prices start to fall in Cambodia (2)
Land prices, which have increased about ten-fold over the last five years, have started to fall markedly as a result of the world financial crisis and speculators being caught in a sudden property glut. An increasing number of projects are now stalled. In particular, Korean and Chinese investors, who have been most active in land development projects - which help launder corruption and other illicit money along with the gambling industry - start to repatriate a portion of their funds. Many Cambodian people who mortgaged their houses to engage in land speculation are starting to feel the pinch, being unable to pay hefty interests on loans from their banks. After a sharp decline in the number of transactions, land prices are expected to fall between 30 and 50 percent in the next twelve months.
Retail gasoline price to fall from 5,000 riels to 4,000 riels per liter (3)
Crude oil price on the international market is now at about US$80 per barrel (1 barrel = 159 liters), down from a peak of US$147 a barrel on July 11, 2008 (- 46 percent). A year ago, in October 2007, the price of crude oil on the international market was also at US$80 a barrel and the retail price of gasoline in Cambodia was at 4,000 riels per liter. Therefore, the retail price of gasoline should drop from 5,000 riels per liter now to 4,000 riels per liter in the coming days if Cambodian gasoline distribution companies were to pass on to consumers the recent decrease in their supply cost as reflected in the drop in international crude oil price.
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The Hong Kong-based daily newspaper South China Morning Post, October 8, 2008, confirmed that Tack Fat Group International, a well-known firm listed on the Hong Kong Stock Exchange and the mother company of Tack Fat Garment (Cambodia) Ltd, a major garment manufacturer in this country, has gone bankrupt. The news reads as follows, "Last month [September 2008], banks applied to wind up (…) swimwear maker Tack Fat International Group after [it] defaulted on loans." Tack Fat becomes the second "collapse of a Hong Kong-listed retailer amid the financial meltdown."
According to a business analysis, "Tack Fat Group's principal activities are designing and manufacturing of jeans, pants, shorts, swimming apparel and sportswear for men, women and children. Other activity includes investment holding. The Group has three production facilities, one of which is located in Luoding City, Guandong Province, the People's Republic of China and the other two of which are located in Phnom Penh, Cambodia. The majority of the Group's products are exported to the North American, European markets and other regions." http://tinyurl.com/3mpvvl
A September 16, 2008 statement by the Group's "Provisional Liquidators Appointed" specifies, "The place of incorporation of the Company is in Cayman Islands and the shares [were] suspended for trading since 9:30am, 30 July 2008." http://tinyurl.com/3lgb8a
Information about Tack Fat Garment (Cambodia) Ltd can be obtained at http://tinyurl.com/437q8l
Property prices start to fall in Cambodia (2)
Land prices, which have increased about ten-fold over the last five years, have started to fall markedly as a result of the world financial crisis and speculators being caught in a sudden property glut. An increasing number of projects are now stalled. In particular, Korean and Chinese investors, who have been most active in land development projects - which help launder corruption and other illicit money along with the gambling industry - start to repatriate a portion of their funds. Many Cambodian people who mortgaged their houses to engage in land speculation are starting to feel the pinch, being unable to pay hefty interests on loans from their banks. After a sharp decline in the number of transactions, land prices are expected to fall between 30 and 50 percent in the next twelve months.
Retail gasoline price to fall from 5,000 riels to 4,000 riels per liter (3)
Crude oil price on the international market is now at about US$80 per barrel (1 barrel = 159 liters), down from a peak of US$147 a barrel on July 11, 2008 (- 46 percent). A year ago, in October 2007, the price of crude oil on the international market was also at US$80 a barrel and the retail price of gasoline in Cambodia was at 4,000 riels per liter. Therefore, the retail price of gasoline should drop from 5,000 riels per liter now to 4,000 riels per liter in the coming days if Cambodian gasoline distribution companies were to pass on to consumers the recent decrease in their supply cost as reflected in the drop in international crude oil price.
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