China Water Industry Group (01129) issued an announcement. The company recently learned that Yichun Municipal Development Co., Ltd. is sending to Jiangxi Province...
According to the Zhitong Finance App, China Water Industry Group (01129) issued an announcement. The company recently learned that Yichun Municipal Development Co., Ltd. applied to the People's Court of Yuanzhou District, Yichun City, Jiangxi Province for pre-litigation property preservation with the aim of freezing 51% of the company's shares in Yichun Water (one of the Group's companies for sale). The court has granted the applicant's application for preservation of property.
As of the date of this announcement, the applicant is the beneficial owner of 49% of Yichun Water's shares.
The company is currently seeking legal advice on the above matters. As of the date of this announcement, the company to be sold has applied to the court for review and annulment of the ruling. According to the ruling, if the applicant does not file a lawsuit or apply for arbitration within 30 days after the court approves property preservation, the court will lift the preservation of the property in accordance with Chinese laws and regulations.
As of the date of this announcement, according to the directors' knowledge, full knowledge and conviction, property preservation did not have a significant impact on the Group's business operations and financial situation. The Company will notify the Company's shareholders and potential investors of further significant developments in the relevant ruling through further announcements in due course.
The Company confirms that all terms and conditions of the share transfer agreement remain unchanged and will continue to be fully effective and effective. In addition to those disclosed above, the Company further confirms that the information contained in this circular is in all material respects accurate, complete and not misleading or fraudulent, and that no other matters have been omitted that would cause this announcement or any statement contained in the circular to be misleading.