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?
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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.
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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.