Strong Petrochemical Holdings (HKG:0852) said the Cayman Islands Court issued a consent order on Jan. 31 stating that ongoing legal proceedings amongst two minority shareholders, Yao Guoliang and Speed Success, will be considered a dispute solely between them.
While the company is the subject of the proceedings for discovery purposes, it will not actively participate unless directed by the court.
Following management changes on Jan. 25, Strong Petrochemicals seeks legal advice on validation orders and future course of action, according to a Wednesday filing with the Hong Kong Exchange.
Yao Guoliang holds 5.89% of Strong Petrochemical's issued shares, while Speed Success has an indirect 2.38% equity interest in the company, the filing stated.
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