CHINA GLASS HOLDINGS LIMITED 
By Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in Bermuda with limited liability)
(Stock Code: 3300) RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR, CHANGE OF CHAIRMAN AND MEMBER OF AUDIT COMMITTEE, AND MEMBER OF NOMINATION COMMITTEE AND REMUNERATION COMMITTEE
The Board announces the resignation of Mr. Sik Siu Kwan as an
independent non-executive director of the Company with effect
from 11 October 2012. Following his resignation, Mr. Sik has
ceased to be a member of each of the audit committee, the
nomination committee and the remuneration committee, and the
chairman of the audit committee with effect from 11
October
2012.
The Board further announces that Mr. Zhao Lihua, an
independent non-executive director and a current member of
the audit committee was appointed as the chairman of the
audit committee and a member of the nomination committee with
effect from 11 October 2012, and Mr. Zhang Baiheng, an
independent non-executive director was appointed as a member
of each of the audit committee and the remuneration committee
with effect from 11 October 2012.
The board of directors (the "Board'') of China Glass Holdings
Limited (the "Company'') announces that Mr. Sik Siu Kwan
("Mr. Sik") has resigned as an independent non-executive
director of the Company and has ceased to be a member of each
of the audit committee, the nomination committee and the
remuneration committee, and the chairman of the audit
committee of the Company with effect from 11 October 2012. On
the same date, Mr. Zhao Lihua ("Mr. Zhao") has been appointed
as the chairman of the audit committee and a member of the
nomination committee of the Company, and Mr. Zhang Baiheng
("Mr. Zhang") has been appointed as a member of each of the
audit committee and the remuneration committee of the
Company.
Mr. Sik tendered his resignation as an independent
non-executive director of the Company with effect from 11
October 2012 due to his health conditions and other personal
reasons. Following his resignation, Mr.Sik has ceased to be a
member of each of the audit committee, the nomination
committee and the remuneration committee and the chairman of
the audit committee of the Company with effect from 11
October 2012. Mr. Sik has confirmed that he has no
disagreement with the Board and there is no other matter
relating to his resignation that needs to be brought to the
attention of the shareholders of the Company.
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As a result of Mr. Sik's resignation, the number of
independent non-executive directors of the Company will fall
below the minimum number required under Rule 3.10(1) of the
Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited (the "Listing Rules") and the
Company is lacking at least one independent non-executive
director who has appropriate professional qualifications or
accounting or related financial management expertise required
under Rules 3.10(2) and 3.21 of the Listing Rules. The
Company is endeavoring to identify suitable candidate to fill
the vacancies with the expectation within 3 months from the
date of failing in order to meet the requirements pursuant to
Rules 3.11 and 3.23 of the Listing Rules. The Company will
make further announcement(s) as and when appropriate.
The Board would like to express its sincere gratitude to Mr.
Sik for his contributions to the
Company during his tenure of service.
The Board also wishes to announce that Mr. Zhao, an
independent non-executive director of the Company and a
current member of the audit committee of the Company was
appointed as the chairman of the audit committee and a member
of the nomination committee of the Company with effect from
11 October 2012. Mr. Zhang, an independent non-executive
director of the Company, was appointed as a member of each of
the audit committee and the remuneration committee of the
Company with effect from 11 October 2012.
By Order of the Board
Chairman
Hong Kong, 11 October 2012
As at the date of this announcement, the Board comprises of Mr. Zhang Zhaoheng, Mr. Li Ping and Mr. Cui Xiangdong as executive directors, Mr. Zhou Cheng, Mr. Zhao John Huan, Mr. Chen Shuai, Mr. Ning Min and Ms. Lu Minghong as non-executive directors and Mr. Zhang Baiheng and Mr. Zhao Lihua as independent non-executive directors.
* For identification purposes only
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