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23 Nov 2009 07:00
For immediate release 23 November 2009
Asian Citrus Holdings Limited
("Asian Citrus" or "the Company")
Approval in principle for the Hong Kong Listing Listing Document Availability Certain Corporate Governance Changes
Asian Citrus, the largest orange plantation owner and the single largest orange producer in China, is pleased to announce that on 19 November 2009, the Company received an approval in principle from The Stock Exchange of Hong Kong Limited ("SEHK") in connection with its proposed listing ("Hong Kong Listing") on the main board of the SEHK. Subject to fulfilment of certain conditions, the SEHK will grant a formal and final approval, and in any event, before 26 November 2009, when dealing in the Company's shares on the SEHK is expected to commence. The Listing of the Company's shares on the main board of the SEHK is by way of introduction and there are no shares being issued or sold to the public or investors in relation to the Hong Kong Listing.
A listing document ("Listing Document") and a formal notice with reference to the Hong Kong Listing have been posted on the SEHK website at www.hkex.com.hk and on the Company's website at www.asian-citrus.com under the Investors section.
For the purpose of meeting the requirements of the SEHK, the Listing Document contains statements of indebtedness and the Group's net current asset position as at 30 September 2009. As at this date, the Group had no bank borrowings and net current assets as at 30 September 2009 of approximately RMB478.8 million (£42.0 million*). Further details and the basis of these statements are set out in the Listing Document.
On 17 November 2009, the board of directors of the Company ("Board") held a meeting to approve the Hong Kong Listing. Amongst other matters, the following matters were considered and approved by the Board:
Mr. Nicholas Smith was re-designated as an Independent Non-Executive Director of the Company.
The Company's Audit committee was reconstituted so that Mr. Ma Chiu Cheung, Andrew will continue to act as Chairman of the committee with Mr. Nicholas Smith and Mr. Yang Zhenhan acting as members.
Tony Tong, Chairman and CEO of Asian Citrus, said: "The Listing Document is very informative and provides our shareholders and potential investors with comprehensive descriptions about the Company's business and operations.
We are pleased that the certain important resolutions in relation to enhancement of our corporate governance were approved by the Board which demonstrates our commitment to better compliance and corporate governance practice." * The exchange rate of £ to RMB is 11.40 which is adopted for illustration purpose only.
About Asian Citrus Holdings Limited
Asian Citrus Holdings Limited is the largest orange plantation owner and the single largest orange producer in China and has two operational plantations in the Hepu county of the Guangxi Zhuang Autonomous Region and the Xinfeng county of the Jiangxi province of China. Its primary goal is to sell quality oranges at an affordable price and in so doing, strengthen its position as a leading, mechanised and industrialised orange grower and distributor in China.
For Further Information Contact:
Tony Tong/Eric Sung
Asian Citrus Holdings Limited +852 2559 0323
Terry Garrett/John Moriarty/Stephanie Badjonat
Weber Shandwick Financial 0207 067 0700
Michael Wentworth-Stanley/James Mitford/Gina Gibson
J.P. Morgan Cazenove 0207 588 2828
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