Controlling Shareholder of Chenming Paper Faces Judicial Auction of Over 20 Million A-Shares

Stock News07-14 20:04

CHENMING PAPER (ASX: 01812) has announced that it was recently notified by its controlling shareholder, Chenming Holding Co., Ltd., that a portion of the shares it holds in the company is subject to a judicial auction.

The intended auction involves approximately 20.826 million A-shares held by Chenming Holding, representing about 2.54% of its total shareholding in the company and approximately 0.71% of the company's total issued share capital.

The auction process is currently in the public notice phase. Subsequent steps may involve bidding, potential failure to sell, payment, and share transfer procedures. The final outcome of the judicial auction remains uncertain.

The company stated that its production facilities are operating steadily, and business activities are proceeding normally and in an orderly manner. This judicial auction matter is not expected to have a materially adverse impact on the company's production, operations, or other activities, nor will it result in a change of control.

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