Trading of the Company’s shares was suspended on 2 December 2008.  Before expiry of the second delisting stage, the Company provided a resumption proposal.  However, the Exchange determined that the Company’s proposal was not a viable resumption proposal.  It does not have sufficient operations or assets for listing.  Therefore, the Exchange places the Company in 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:

 

(a)    demonstrate sufficient operations or assets under Rule 13.24;

 

(b)    address audit qualifications and demonstrate adequate internal control system; and

 

(c)    withdraw and/or dismiss the winding-up petition and discharge the provisional liquidators.

 

The Company should provide the resumption proposal at least 10 business days before end of the six-month period.

 

The Exchange intends to cancel the listing after the six-month period (i.e. 11 November 2010) if the Company does not provide a viable resumption proposal.  The Exchange will make further announcement if the delisting takes place.

 

Ends