The Board of Directors of the Company wishes to announce
that it has recently chanced upon some developments within the industry under the
general aspirations of the provincial government, albeit unofficial, which may have an
impact on the business of the Group’s subsidiary Linyi Yehua Coking Co., Ltd.
Pursuant to the government’s effort to address the continued excess capacity in various
industries and environmental pollution concerns, the provincial government is
contemplating a plan to reduce and/or relocate some of the existing facilities of the
various industry away from highly populated areas. Notwithstanding the above however,
the Group has not received any official written directive from any authorities on this
matter nor have the local government produced any detailed specifics and logistics on
how such plans are to be realised.
The purpose of this announcement serves more as a voluntary dissemination of information
on potential developments within the industry that has come to our knowledge, albeit
still unofficial, that might be of interest to our shareholders.
This announcement is dated 28 November 2016.
