This is with reference to TKC Metals Corporation’s (“T” or the “Corporation”) disclosure under Company Announcement No. C07920-2021 dated November 23, 2021.
In the said disclosure, the Corporation stated that:
“. . . at a meeting held by the Board of Directors of the Corporation, the Board approved the sale of substantially all of the assets of the Corporation to dispose of the Corporation’s non-performing assets, at such terms and conditions to be negotiated and finalized. The proposed sale will include the Corporation’s investments/shares in Billions Steel International Limited (and its subsidiary, Zhangzhou Stronghold Steel Works Company Limited), Treasure Steelworks Corporation and Campanilla Mineral Resources Corporation.
The Corporation will likewise hold a special stockholders’ meeting on 30 December 2021 for the purpose of submitting the abovementioned transaction for approval of the stockholders, as required by Section 39 of the Revised Corporation Code and SEC Memorandum Circular No. 12, series of 2020.”
As previously announced in DN00144-2021 dated November 23, 2021, in view of the foregoing material information disclosed by the Corporation, and pursuant to existing rules, applicable laws and regulations in order to maintain a fair, efficient and orderly trading market, the Exchange implemented a trading suspension on the Corporation’s shares effective at 9:00 a.m. on November 23, 2021. Pursuant to the Consolidated Listing and Disclosure Rules (the “Rules”), the Exchange further required the Corporation to submit a full disclosure on the impact of the foregoing resolution on the business, financial condition, operations, and prospects of the Corporation, and such other material information for the investing public.
UPDATE:
In response to the Exchange’s directive, the Corporation submitted its PSE Disclosure Form 4-32 – Reply to Exchange’s Query containing its disclosure statement on the above-mentioned matter. Please refer to Company Announcement No. C08051-2021 dated November 29, 2021 for the details.
Given the disclosure submission by the Corporation, the suspension on the trading of the Corporation’s shares will be lifted at 9:00 a.m. on Wednesday, December 1, 2021. The lifting of the trading suspension, however, should not be construed as a determination by the Exchange of the sufficiency of the Company’s disclosure/response to the Exchange’s directive and is without prejudice to any further regulatory action that may be undertaken by the Exchange in connection with any insufficiencies or inadequacies in the Company’s disclosure that the Exchange may ascertain.
For your information and guidance. |
NOTICE