ACHL.L Regulatory News (ACHL)

13 Nov 2009 09:59



Asian Citrus Holdings Limited 

("Asian Citrus" or "the Company")

Proposed Hong Kong listing

Asian Citrus, the largest orange plantation owner and the single largest orange producer in China, is pleased to announce that on 12 November 2009 the listing committee of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") considered the Company's application for listing (the "Hong Kong Listing"). The Company will update certain information contained in the listing document to be published by the Company in connection with the Hong Kong Listing (the "Listing Document"). Subject to the Hong Kong Stock Exchange confirming no further comments on the Listing Document and granting formal listing approval, it is expected that dealings in the Company's shares on the main board of Hong Kong Stock Exchange will commence on 26 November 2009. However, the Company is unable to guarantee to shareholders that the Hong Kong Listing will necessarily occur. 

The Listing Document is expected to be issued on 23 November 2009 and will be available on the Company's website (www.asian-citrus.com) once it has been published. Shareholders wishing to move their shares in the Company to the Hong Kong branch share register for the purpose of trading on the Hong Kong Stock Exchange will be required to fill in a "request for removal" form. A letter to shareholders setting out the procedures for moving shares to the Hong Kong branch share register, a pro-forma removal request form and a sample of this form duly completed are available on the Company's website (www.asian-citrus.com) under the "Investor" section.

For the purposes of compliance with the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange ("Hong Kong Listing Rules") and for good corporate governance, the Company also proposes to redesignate Mr. Nicholas Smith from non-executive director to independent non-executive director of the Company. The independent non-executive directors will be required to confirm annually that each of them satisfies the independence requirements under the Hong Kong Listing Rules.

The Company will also reorganise the composition of the Audit Committee and the Remuneration Committee. The Company's Audit committee will be 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. The Company's Remuneration committee will be reconstituted so that Mr. Nicholas Smith will continue to act as Chairman of the committee with Mr. Ma Chiu Cheung, Andrew and Mr. Tong Wang Chow acting as members.

Mr. Tony Tong, Chairman and CEO of Asian Citrus commented: "We are pleased that the Hong Kong Listing is progressing well.  We believe that a Hong Kong listing, alongside our London quote, will enable us to expand our shareholder base as well as improve the liquidity of the Company's shares."

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.