China Coal Energy Reports on Suspending in Shares Trading
OREANDA-NEWS. April 20, 2012. This announcement is made pursuant to Rule 13.09(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, reported the press-centre of China Coal Energy.
At the request of China Coal Energy Company Limited (the “Company”) , trading in the H shares of the Company was suspended pending the release of this announcement. Application has been made to The Stock Exchange of Hong Kong Limited for the resumption of trading in the H shares of the Company.
On 10 April 2012, a flooding accident (the “Flooding Accident”) happened in the Kongzhuang Mine owned by Shanghai Datun Energy Resources Company Limited ("Shanghai Energy"), whose A shares are listed on the Shanghai Stock Exchange with the stock code of 600508, also a 62.43%-owned subsidiary of the Company. When the Flooding Accident occurred, there were 7 workers trapped underground. As at the publication of this announcement, 3 of the trapped workers were rescued and 4 of them were dead. Currently, the relevant subsequent work for the Flooding Accident is still undergoing.
In order to learn lessons from the Flooding Accident and take all effective measures to eliminate potential safety hazards and ensure safety production, the mine owned by Shanghai Energy has suspended production for a short-term rectification. Raw coal production volume of Shanghai Energy for 2011 was 9.06 million tones, of which, 1.51 million tones were produced by the Kongzhuang Mine.
The Company is of the opinion that, the Flood Accident and the short-term suspension of production for rectification will not have material impact on the production and the operation of the Company. The Company will further announce relevant updates accordingly.
Investors are advised to pay attention to investment risks and exercise in caution when dealing in the shares of the Company.
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