China Tianrui Cement (01252) announced that the shares of the company concerned were temporarily suspended from trading on the Stock Exchange. According to Yu Kuo Co., Ltd...
Zhitong Finance App News, China Tianrui Cement (01252) announced that the shares of the company concerned were temporarily suspended on the Stock Exchange. According to Yu Kuo Co., Ltd. (Yu Kuo) (the controlling shareholder of the company and a company that is indirectly owned by non-executive director Mr. Li Liufa and executive director Ms. Li Fengyi (the spouse of Mr. Li Liufa)), the shares held by Yu Kuo's margin securities account were forcibly sold on the open market on April 9, 2024 due to an unusual drop in stock prices. The board of directors was also informed by Yu Kuo that it is still clarifying whether the mandatory sale of up to 10 million additional shares held by Yu Kuo was properly implemented on the date of this announcement.
Yu Kuo informed the company that they are seeking legal advice on whether the compulsory sale complies with the terms of all applicable laws and related contracts. Yu Kuo will take further action as appropriate and necessary.
As of the date of this announcement, the Group's business operations were normal. However, in view of the fact that there is still some insider information that the board of directors intends to clarify and confirm, trading of the shares will remain temporarily suspended on the Stock Exchange pending the release of further insider information. The Company will disclose the progress of resuming trading of its shares on the Stock Exchange in due course.