HKEx censures “Titan Petrochemicals Group Limited” 

The Stock Exchange of Hong Kong Limited (“Listing Committee”) has issued a press release and censures the following company and directors:
(1) Titan Petrochemicals Group Limited (“Company”) (Stock Code: 1192) for breaching:

(a) the then Rule 13.09(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”), which required an issuer to disclose, as soon as reasonably practicable, any information which (a) is necessary to enable shareholders and the public to appraise the position of the group; (b) is necessary to avoid the establishment of a false market in the issuer’s securities; or (c) might be reasonably expected materially to affect market activity in and the price of its securities; and

(b) Rule 14.36 of the Listing Rules which requires an issuer to disclose, as soon as practicable, any termination, material variation of terms, material delay in the completion of a transaction previously announced under Chapter 14 of the Listing Rules.
The Listing Committee further censures the following two respective former and current executive directors of the Company (“Relevant Directors”):

(2) Mr Tsoi Tin Chun (“Mr Tsoi”), former executive director, re-designated as non-executive director on 3 July 2012 and resigned on 5 February 2013; and

(3) Mr Wong Siu Hung Patrick (“Mr Wong”), current executive director for their respective breaches of their obligations under the Declaration and Undertaking with regard to Directors given to the Exchange in the form set out in Appendix 5-B to the Listing Rules in failing to use best endeavours to procure the Company’s Listing Rule compliance (“Undertaking”).
The conduct and respective breaches by the Company and the Relevant Directors took place between August 2011 and March 2012. Since then, save for Mr Wong who has remained as an executive director, the management of the Company has been replaced by a new management team and a number of new directors. For the avoidance of any doubt, the public censures apply only to the Company and the Relevant Directors identified above and do not apply to any other past or present members of the board of directors of the Company, in particular, the current management team and the current directors who were appointed after March 2012.

 

Source: HKEx

---