Shanshui’s subsidiary said that Tianrui takeover was illegal

Byjirong

Updated Fri, 11 Dec 2015 10:34:37 GMT

China: Shanshui Cement's major operating unit, Shandong Shanshui Cement Group, has said in a statement that the Shanshui Cement Board's removal of Management and Directors from Shandong Shanshui by Tianrui Group was illegal as it required government approval. Tianrui, the largest shareholder of Shanshui Cement, took control of the board at an extraordinary general meeting (EGM) on 1 December 2015, resulting in the removal of Shandong Shanshui management.