Hong Kong court freezes Luoyang Glass shares

Luoyang Glass Co Ltd said a Hong Kong court has ordered the freezing of 54.14% of its shares held by controlling shareholder China Luoyang Float Glass (Group) Co. Ltd. (CLFG) for a period of one year …

Luoyang Glass Co Ltd said a Hong Kong court has ordered the freezing of 54.14% of its shares held by controlling shareholder China Luoyang Float Glass (Group) Co. Ltd. (CLFG) for a period of one year from 3 November 2006. The stake represents 379 million Luoyang Glass shares. The ruling by the Intermediate People“s Court of Luoyang Municipality, Henan, is intended to protect the company“s interests against its controlling shareholder, which owes it some CNY 608.03 million. The company said trading in its shares has been suspended since 31 October 2006, and is expected to remain so pending the issue of another announcement about ways the company may recover the money owed by the shareholder. The stock last traded at HKD 0.87.