Zhengzhou Baiwen A-shares to be suspended March 5-April 5 amid restructuring

SHANGHAI (AFX-ASIA) - Zhengzhou Baiwen Co Ltd said it has received government approval for its A-shares to be suspended from trading between March 5 and April 5 as the company seeks to fulfil a planned asset restructure.If the company is unable to fulfil the restructure before the end of the suspension, it will ask for the suspension to be extended, an announcement said.Under the restructure plan, shareholders have from March 5-19 to inform the company that they do not wish to transfer ownership of half of their shares to Shandong Sanlian Group.If they do not inform the company within this period, half of their shares will automatically be transferred to Sanlian Group.The announcement said there are several prerequisites before the restructuring can take place.The China Securities Regulatory Commission must, before June 30, approve the repurchase of the shares of investors who do not wish to take part in the restructuring, and must approve the contracted merger between Zhengzhou Baiwen and Sanlian Group.The Ministry of Finance must approve the transfer of half of all remaining sharesholders shares in Zhengzhou Baiwen to Sanlian Group.The planned transfer of debts and assets must be completed before June 30.In addition, the number of shares belonging to investors who do not wish to have half of their shares transferred to Sanlian Group must not exceed 7 mln, it said.Zhengzhou Baiwen's A-shares last traded at 5.48 yuan.

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