AFP eases investors' concerns

AFP eases investors' concerns

SINGAPORE (Dow Jones): Singapore-listed Asia Food & Properties Ltd. (AFP) will provide full answers to concerns among minority shareholders about its financial health at its annual general meeting scheduled for Tuesday, David Gerald, president of Securities Investors Association of Singapore, told Dow Jones Newswires Monday.

SIAS held a meeting with representatives from AFP, including the company's chairman and chief executive Franky Widjaja, a member of Indonesia's Widjaja family, which controls the company, Gerald said.

AFP's board volunteered to clear the air after minority shareholders asked for SIAS' assistance in getting answers from the company.

Gerald said the meeting discussed "concerns in the public domains so far," such as the nondisclosure of payment defaults by certain AFP units and the possibility of recovering bank loans or deposits made with related persons' banks.