Conch unveils non-tradable-share reform plan

Conch unveils non-tradable-share reform plan
17 January 2006

Anhui Conch Cement Co said its parent is offering holders of its A shares a total of CNY180m (US$22.3m) to compensate them for allowing the listed company’s non-tradable shares to become tradable.  
China Anhui Conch Group, which owns a 49.57% stake in the listed company in the form of non-tradable shares, said it will offer Anhui Conch Cement’s A-share investors CNY9.00 in cash for every 10 shares they hold, according to a statement published in the Securities Times Tuesday.  
The parent company also agreed not to float its shares in the 12 months following the completion of the reform.  
Additionally, it won’t float more than 5% of the company’s total capitalisation within 24 months of the reform’s completion or more than 10% within 36 months, the statement said.

Published under Cement News