15th Dec 2015 08:30
LONDON (Alliance News) - Petropavlovsk PLC Tuesday noted an announcement made by IRC Ltd, in which it is a shareholder, concerning IRC's shares being suspended from trading in Hong Kong pending the outcome of talks concerning a construction contract.
IRC is a producer and developer of industrial commodities in Russia and in China, with its assets previously forming Petropavlovsk's precious metals division before it spun-off the assets into IRC and listed the company on The Stock Exchange of Hong Kong, retaining a majority stake.
On Tuesday, IRC released an announcement that stated its shares have been suspended from The Stock Exchange of Hong Kong "pending the outcome of discussions relating to a claim which (IRC) has made under one of the construction bonds provided to it in connection with its principal construction contract".
IRC said it would make a further announcement in due course and Petropavlovsk did not release any comment on the news.
Petropavlovsk shares were trading up 0.5% to 6.59 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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