SINGAPORE (July 19): Despite its best efforts, Raffles Infrastructure Holding, the company formerly known as China Fibretech, has found it hard to shake off its stigma of being an S-chip once plagued by corporate governance issues.
This was despite Raffles Infrastructure getting itself a new controlling shareholder in the form of Chinese state-owned enterprise, China Capital Investment Group (CCIG), which in turn is a subsidiary of the Beijing state-owned Assets Supervision and Administration Commission.
During its restructuring, a new board and management team was also appointed and its previous fabric dye core business replaced with a new one based on infrastructure projects based in China.
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