China Tianrui Cement announced that the company was recently informed by its controlling shareholder, Yukuo Limited (Yukuo), that Tianrui Group Limited (Tianrui Group) had received a notice of assistance in execution issued by the People's Court of Qianhai Cooperation Zone, Shenzhen, Guangdong Province. The share capital of Tianrui Group (70% held by Li Liufa and 30% held by his spouse Li Fengxuan) was frozen (the freeze) . Details are as follows:
70% of the share capital of Tianrui Group (equivalent to RMB1.4 billion) held by Li Liufa and 30% of the share capital of Tianrui Group (equivalent to RMB600 million) held by Li Fengxuan were frozen. The freeze period is three years, from 10 July 2025 to 9 July 2028, during which the shares of Tianrui Group shall not be transferred or pledged, and Tianrui Group shall not distribute any dividends or bonuses to Li Liufa and Li Fengxuan. According to the Civil Procedure Law of the People's Republic of China and the relevant laws and regulations, the court shall release the Freeze if: (1) sufficient guarantee acceptable to the court has been provided; and/or (2) the debt has been fully settled.
As at the date of this announcement, Yu Kuo holds 1,748 million shares of the Company, representing approximately 56.69% of the total issued share capital of the Company. Yukuo is wholly owned by Callas Limited, which in turn is wholly owned by Tianrui (International) Holdings Limited (Tianrui International). Tianrui International is wholly-owned by Tianrui Group, which is held as to 70% by Li Liufa and as to 30% by Li Fengxuan.
The company believes that the freeze is a civil dispute between a third party and a relevant person/entity and has nothing to do with the company, so it will not have a significant impact on the company's main business, nor will it affect the normal operation, corporate governance and daily management of the company. As at the date of this announcement, the Company is operating normally.
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