On November 5, China Tianrui Cement announced that the Listing Committee of the Stock Exchange had decided, among other things, to impose a specific remedy period on the company, and if the company failed to make the prescribed remedy by November 5, 2024. The listing status of the company will be cancelled.
The Board wishes to inform the shareholders and potential investors of the Company that the Company has submitted a written request to the Listing Review Committee of the Stock Exchange on 5 November 2024 to review the decision of the Listing Committee under Chapter 2B of the Listing Rules (the "Listing Review Committee Review").
The Directors wish to remind shareholders and potential investors of the Company that the outcome of the review by the Listing Review Committee is uncertain. Further announcement (s) will be made by the Company in accordance with the requirements of the Listing Rules as and when appropriate.
Tianrui Cement said that the joint venture company refused to cooperate with the special audit because the joint venture company believed that without the consent of the shareholders'meeting, the group had no right to employ intermediaries to conduct special audits of the joint venture company. The Company is therefore unable to obtain reliable financial information and accounting records of the associate for the purposes of publishing the 2024 Interim Results. The associate also refused to provide the accounting books and vouchers because of the alleged irregular purpose of the company.
Tianrui Cement said that as a shareholder of the joint venture, the group has the right to consult the financial reports, accounting books and accounting vouchers of the joint venture, which does not constitute the "improper purpose" alleged by the joint venture. The Company has sent a legal letter to the Associate in early November but has not received any response from the Associate.
In addition, trading continues to be suspended.
