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 Asia TeleMedia Limited (In Liquidation)
(Stock Code: 376)
Proceeding to third stage of delisting procedures
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The Stock Exchange of Hong Kong Limited (the Exchange) places the Company in the third delisting stage today. The Exchange intends to cancel the listing after the six-month period (i.e.7 January 2011) if the Company does not provide a viable resumption proposal.
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Trading of the Company's shares was suspended on 18 March 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:
| (i) |
demonstrate sufficient operations or assets to comply with Rule 13.24;
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| (ii) |
demonstrate adequate internal control system to comply with the Listing Rules;
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| (iii) |
publish all outstanding financial results and address any audit qualifications; and
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| (iv) |
dismiss the liquidation order and discharge the liquidators. |
The Exchange intends to cancel the listing after the six-month period (i.e. 7 January 2011) if the Company does not provide a viable resumption proposal. The Exchange will make further announcement if the delisting takes place.
Ends