TC

23/06/2017 10:03

Chuang's China (298) issues petition against CNT Group (701)

    Chuang's Consortium International (00367) and Chuang's China Investments (00298) said Chuang's China issued a petition against CNT Group (00701) and Prime Surplus Limited.
  Chuang's China's claim is that the affairs of CNT (in particular, the proposed spin-off of the manufacture and sale of paint products and related services business of CNT to CPM Group Limited) are being or have been conducted in an unfairly prejudicial manner. Its grounds include, among others, a lack of a proper valuation of the business and assets involved in the spin-off, and an unreasonable inclusion of a piece of land in Shajing Town, Bao'an District, Shenzhen City, the People's Republic of China as part of the assets in the spin-off. 
  CNT Group said it is seeking legal advice on the petition. At the current stage, the spin-off and the listing are not affected.
  Chuang's China holds about 19.16% shareholding interests in CNT and Prime Surplus Limited owns about 26.16% shareholding interests in CNT.  

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