As of Friday’s normal trading session, the price of KBS Fashion Group Limited (NASDAQ: KBSF) rose $0.26 or 9.96% to conclude at $2.87. KBS Fashion stock traded 1.26 million shares on Friday; an increased volume compared to the average daily volume of 338.84K shares. After receiving recent news that KBS Fashion was forming a new ESG committee and entering a digital contract, the KBSF stock has moved upward.
What were those green and digital efforts?
The KBS Fashion Group Limited, headquartered in Shishi, China, designs, manufactures, sells, and distributes KBS brand through its subsidiaries, which operate 30 KBS stores and over a number of multi-brand stores. Luxventure, a social media platform, is owned and operated by KBS Fashion Group.
In a statement released last week the Board of Directors of KBS Fashion announced the formation of an Environmental, Social and Governance Committee (“ESG Committee”).
- The ESG Committee is chaired by Mr. Li Hui Dan, Co-Chairman of the Board.
- In addition to reviewing the company’s performance as a steward of nature, the ESG Committee will examine its relationship with employees, suppliers, customers, and communities where it operates, including the company’s governance.
- On March 24, 2021, Luxventure closed a Digital RMB Acceptance Agreement (“Agreement”) with Lakala Payment Co., Ltd. (“LKL”), a leading third-party on-line payment operator.
- The agreement was reached through Hua Zhi Guan (Hainan) Cross-Border E-Commerce Co., Ltd.
- An agreement was reached on March 24, 2020, and the transaction closed on the same day.
- The Agreement provides for Luxventure to cooperate with LKL in conjunction with their acceptance of Digital Renminbi.
What KBSF is planning further?
A blockchain strategy is further planned by KBS Fashion (KBSF), as digital payment in China will become increasingly common in the future. By cooperating with LKL for a Digital Renminbi scheme, KBSF sees acceptance of payment as a positive step. The focus of KBSF on Blockchain continues to grow.