Announcement - In relation to the matter of Titan Petrochemicals Group Limited (Provisional Liquidators appointed) (Stock Code: 1192) Proceeding to third stage of delisting procedures
Regulatory
02 Oct 2015
香港聯合交易所有限公司
(香港交易及結算所有限公司全資附屬公司
)
THE STOCK EXCHANGE OF HONG KONG LIMITED
(A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited)
ANNOUNCEMENT
In relation to the matter of Titan Petrochemicals Group Limited
(Provisional Liquidators appointed)
(Stock Code: 1192)
Proceeding to third stage of delisting procedures
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The Stock Exchange of Hong Kong Limited (the "Exchange") places Titan Petrochemicals Group Limited (the "Company") in the third delisting stage today. The Exchange intends to cancel the listing after the six-month period (i.e. 1 April 2016) if the Company does not provide a viable resumption proposal.
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Trading of the Company's shares was suspended on 19 June 2012. Before the expiry of the second delisting stage, the Company had submitted a viable resumption proposal. The Exchange had conditionally approved the resumption proposal. However, the transactions under the resumption proposal did not proceed. Therefore, the Exchange places the Company into the third delisting stage today under Practice Note 17 to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the "Rules").
The Company will have a final six months to provide a viable resumption proposal. The resumption proposal needs to:
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(i)
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demonstrate sufficient operations or assets as required under Rule 13.24;
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(ii)
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publish all outstanding financial results and address any audit qualifications (if any); and
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(iii)
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withdraw or dismiss of the winding up petition against the Company and discharge of the provisional liquidators.
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The Exchange intends to cancel the listing after the six-month period (i.e. 1 April 2016) if the Company does not provide a viable resumption proposal. The Exchange will make further announcement if the delisting takes place.
Ends