Country Garden Holdings CFO Resigns

Estella Ng Yi Kum has tendered her resignation as Chief Financial Officer of Country Garden Holdings Limited with effect from 30 April 2014 due to personal reason.


The Board has commenced recruitment and internal selection process to confirm the new Chief Financial Officer as soon as possible and will make an announcement in relation to the new Chief Financial Officer in the short term.


The company has yet to announce a replacement for the CFO position.


Moody's Investors Service says that the resignation of Ng could negatively impact the company's ability to manage its fast growing business operations. In addition, the company's potential share buyback could reduce its cash flow and liquidity.


However, these developments will not immediately impact the company's Ba2 corporate family and senior unsecured ratings.


"While the company's day-to-day operations should not be affected in the near term, its ability to execute on its financial policy and planning will be adversely impacted if this position remains vacant beyond the next six months," says Lina Choi, a Moody's Vice President and Senior Analyst.


Moody's sees potential risk that any shared responsibilities by its existing management team could decrease the company's ability to manage its fast expanding business operations and the associated increase in leverage and margin contraction.

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