CHINA: Saint Honore claims its finances are stable

Hong Kong bakery chain Saint Honore Holdings has denied there is any truth in Internet rumours that it is in financial difficulties. “The company is financially stable and we are making profit,” said chairman Glenn Chan Wai-cheung in a press conference. “The business is good and we are expanding. We have cash on hand and zero gearing ... our net assets come to HK$130m (US$16.7m).”

May 7, 2002

Hong Kong bakery chain Saint Honore Holdings has denied there is any truth in Internet rumours that it is in financial difficulties.

“The company is financially stable and we are making profit,” said chairman Glenn Chan Wai-cheung in a press conference. “The business is good and we are expanding. We have cash on hand and zero gearing … our net assets come to HK$130m (US$16.7m).”

The rumours that the company was in financial difficulties had prompted consumers to rush to Saint Honore branches to redeem cake coupons. Chan stressed the company was robust enough to honour all the outstanding coupons.