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HK bourse may seek to delist China Shanshui Cement -firm
October 27, 2017 / 7:28 AM / in 25 days

HK bourse may seek to delist China Shanshui Cement -firm

HONG KONG, Oct 27 (Reuters) - China Shanshui Cement Group Ltd said the Hong Kong stock exchange would seek to delist the firm if it was not able to restore a minimum public float of 25 percent of its issued share capital by the middle of next year.

The Hong Kong-listed cement maker, already suspended from trading for the past two-and-a-half years, has been embroiled in a bitter boardroom battle involving investors and executives.

In an exchange filing on Friday, the firm said the stock exchange had warned the firm it would have until June 30, 2018 to restore its minimum public float and to resume share trading within a reasonable period of time, or its listing would be cancelled. [bit.ly/2y7zdvD ]

The firm, with a market capitalisation of HK$21.3 billion ($2.73 billion) when it last traded, said it intended to object to the proposed delisting.

The stock exchange declined to comment on the case.

The stock has not traded since April 2015 after the Tianrui Group raised its stake to become the company’s biggest shareholder and its public float fell below the permitted minimum level.

In April, several executives claimed to have been attacked with pepper spray and held for two hours by associates of a former official, when they tried to retake control of company property in eastern China. ($1 = 7.8040 Hong Kong dollars) (Reporting by Donny Kwok, Editing by James Pomfret and Himani Sarkar)

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