[ET Net News Agency, 30 April 2013] Winsway Coking Coal (01733) said due to Xie Wenzhao
will take up the appointment of chief executive officer of Wonderful Sky Financial Group
(01260) Xie has tendered his resignation as the chief financial officer with effect from
tomorrow.
Cao Xinyi has been appointed as the chief financial officer with effect from the same
day.
On the business strategy plan for the year 2013, Winsway said it has spent efforts to
reduce production costs since the acquisition of Grande Cache Coal Corporation last year.
It will continue to work together with Marubeni Corporation to further progress the cost
reduction this year.
Winsway will further increase the provision of logistics and storage services to its
customers in order to enable it to earn a steady revenue stream through the provision of
integrated services including border crossing, logistics, transportation and coal
processing services for customers. Besides, the company will be focusing on the control of
inventory levels, shorten its cash conversion cycle and making appropriate adjustment on
the policies relating to credit purchase and credit sale in order to maintain a
sustainable and appropriate level of working capital. (HL)