Luoyang Glass controlling shareholder settles debt

Luoyang Glass Co Ltd has said its controlling shareholder China Luoyang Float Glass (Group) Co. Ltd. (CLFG) has settled its debts to the company with the cancellation of 199.98 million A shares it own…

Luoyang Glass Co Ltd has said its controlling shareholder China Luoyang Float Glass (Group) Co. Ltd. (CLFG) has settled its debts to the company with the cancellation of 199.98 million A shares it owns in the unit. With the cancellation of the shares, the debt of CNY 630 million owed to Luoyang Glass has been fully settled, it said in a statement. The move follows a decision of an arbitration court in China allowing the use of CLFG“s A shares to settle the debt. CLFG“s stake in the unit has gone down to 35.80% from 54.14% following the share cancellation. Trading in Luoyang Glass shares, suspended since 31 October 2006, will remain suspended pending a further announcement, it said.