NEWS RELEASE
August 22, 1999
In relation to the matter of Englong International Limited
Cancellation of listing
In accordance with the de-listing procedures
stipulated in Practice Note 17 of the Exchange Listing Rules
| The Stock Exchange of Hong Kong hereby announces that on August 23, 1999, the listing of the shares of Englong International Limited will be cancelled in accordance with the De-listing Procedures stipulated in Practice Note 17 of the Exchange Listing Rules.
By the end of the third stage under the De-listing Procedures i.e. June 17, 1999, the Company had not put forward an acceptable proposal for resumption. Therefore the Exchange will cancel the listing of the Company’s shares in accordance with Practice Note 17. |
The Exchange announces that the listing of the shares of the Company will be cancelled with effect from 10:00 a.m. on August 23, 1999 in accordance with the De-listing Procedures stipulated in Practice Note 17 of the Exchange Listing Rules. Practice Note 17 formalises the procedures to be adopted to de-list long-suspended companies.
Dealings in shares of the Company have been suspended since May 15, 1996. Therefore, the Company’s shares have effectively been suspended for over 39 months. Since the suspension, the Company has not been able to implement an acceptable resumption proposal.
The Company has been in the third stage of the De-listing Procedures since September 15, 1998. Pursuant to the De-listing Procedures, at the end of the third stage, where no valid proposals have been received for resumption, the listing will be cancelled. The Company had submitted a resumption proposal on March 15, 1999 but failed to demonstrate to the Listing Committee that this resumption proposal to be valid by the end of the third stage, i.e. June 17, 1999. Therefore, the Exchange will cancel the listing of the Company as of the date and time referred to above.
The Company was notified on August 20, 1999 of its obligation under paragraph 3.1 of Practice Note 17 of the Exchange Listing Rules to issue an announcement informing the public of the cancellation of its listing.
Shareholders of the Company are advised to obtain appropriate professional advice if they have queries about the implications of the de-listing.
Corporate Communications Department
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