China Shanshui Cement Group shareholders invited to acquire shares

By Caroline Salls

Pittsburgh, June 1 – China Shanshui Cement Group Ltd. shareholder China Shanshui Investment Co. Ltd. invited three other company shareholders to acquire all of its shareholdings at HK$5.50 per share, according to a news release.

China Shanshui Investment holds 25.09% of the China Shanshui shares.

The shareholders invited to acquire the shares include Asia Cement Corp., which has an interest in 26.4% of the shares; China National Building Material Co. Ltd., which holds 16.67% of the shares; and Tianrui (International) Holding Co. Ltd., which holds 28.16% of the shares.

In addition, China Shanshui Cement said in a separate news release that the High Court of Hong Kong ruled on Wednesday that an injunction issued on April 11 in connection with a lawsuit against former Shandong Shanshui Cement Co. Ltd. directors Zhang Bin, Zhang Caikui and Chen Xueshi related to the allegedly misappropriated official seal of the Shandong Shanshui will remain in effect until further order of the court.

Under the continued injunction order, former Shandong Shanshui senior management, including Mi Jingtian, Chen Zhongsheng, Zhao Liping, Li Maohuan and Yu Yuchuan are prohibited from representing themselves as directors or officers of Shandong Shanshui, entering the premises of Shandong Shanshui, removing assets and records from Shandong Shanshui and soliciting or enticing officers or employees of Shandong Shanshui.

On Tuesday, the Haidian District People’s Court handed down a judgment stating that the Article of Association of Shandong Shanshui dated Oct. 14, 2015 is illegal and is therefore invalidated; the appointment of Li Heping as the legal representative of Shandong Shanshui by way of shareholder resolution on Dec. 3, 2015 is legitimate and effective; and the former directors are ordered to return the official seal of Shandong Shanshui within 10 days from the effective date of the judgment.

China Shanshui is a cement manufacturing company based in Jinan, China.

© 2015 Prospect News.
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