Ocean Grand Holdings Limited and Ocean Grand Chemicals Holdings Limited
Regulatory
24 Jul 2006
Hong Kong Exchanges and Clearing Limited (HKEx) has noted that Ocean Grand Holdings Limited (OGH) and Ocean Grand Chemicals Holdings (OGC) have sought solvency protection through the appointment of provisional liquidators today. The following statement is issued to keep the public informed of the situation.
HKEx has been in close contact with members of the senior management and boards of OGH and OGC during the period since the initial suspension of trading in OGH shares on 11 July 2006.
During this period HKEx has sought and received regular progress reports on the companies’ own investigations and steps taken by their management, with the assistance of their professional advisers.
HKEx has noted that the boards of OGH and OGC have sought solvency protection through the appointment of provisional liquidators.
HKEx has also noted that the Securities and Futures Commission (SFC) has initiated an inquiry into the affairs of both companies under section 179 of the Securities and Futures Ordinance and has been in contact with the Police.
HKEx looks forward to future public announcements by the SFC and the companies. HKEx will also work closely with and continue to offer its assistance to the SFC. At this stage HKEx cannot comment further.