CHINA: China Water & Drinks appoints audit leader
China Water & Drinks (CWDK) has appointed an independent director who will also serve as chairman of its audit committee.
The company said yesterday (13 August) that Dr. Cheung Wai Bun, who has over 30 years experience at senior management level, will aid the company's efforts to become the leading bottled water company in China.
Wai Bun's previous roles include working for companies such as Mission Hills Group, Tung Wah Group of Hospitals, Shanghai Electric Group and Pioneer Global Group Prime Investments Holdings. Wai Bun was also a senior adviser of the Metropolitan Bank & Trust Company.
CWDK CEO Xing Hua Chen said: "Dr. Cheung's familiarity with the capital markets and depth of experience in corporate finance and business management will bring tremendous value to China Water & Drinks. We look forward to working with him as we continue our efforts to become a leading bottled water company in China. We plan to enhance our corporate governance further in the coming months."
CWDK recently signed a government contract to construct a bottled water plant in Jilin Province. The company confirmed last month that the new bottled water plant will be built in the Jiutai Economic Development Zone in Changchun and cost an estimated US$6m.
According to CWDK, once the plant is in full operation, it is expected to produce 150m bottles, or 130m litres, of purified water per year, raising the company's total annual capacity to 940m litres.
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