IFBH Unit Signs $10 Million FX Hedging Contracts With Citibank; Shares Slip 4%
MT Newswires Live
Sep 19
IFBH (HKG:6603) said its Singapore unit entered into foreign exchange contracts with Citibank to hedge currency risks involving the US dollar, Thai baht, and Singapore dollar, according to a Thursday Hong Kong stock exchange filing.
Shares of the beverage maker fell over 4% in Friday morning trade.
Under the agreements, IFB Singapore may conduct FX transactions with Citibank up to a notional amount of about $10 million, subject to the bank's internal approvals.
The subsidiary will place $1 million in cash collateral.
The contracts, which cover FX forwards and options, will allow IFB Singapore to manage exposures from sales and purchases denominated in foreign currencies, the company said.
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