Richly Field China Development Limited (HKG:0313) announced that, the company and the first purchaser and the second purchaser entered into the first equity interest transfer agreement and second equity interest transfer agreement in June 2011 in relation to the disposal of the entire equity interest in Yinchuan Outlets for a total consideration of RMB6 million (HK$7.358 million). During the audit of the company's financial statements for the year ended 31 March 2012, it was found that the entering into of the second equity interest transfer agreement constitutes a connected transaction for the company under Listing Rules. As the company's substantial shareholder Leung Ho-hing holds 50% of the second purchaser, the disposal is subject to the reporting and announcement requirements and exempted from the independent shareholders’ approval requirement under the Listing Rules.

As additional time is required to provide information for the auditors of the company to perform and complete their audit procedures in respect of the company annual results for the year ended 31 March 2012. The company expects that it will be unable to publish its 2012 annual results by 30 June 2012 and may not be able to dispatch its annual report for the year ended 31 March 2012 to the shareholders by 31 July 2012, which will constitute the non-compliance with the Listing Rules.

Trading in the shares of the company on the Stock Exchange was suspended with effect from 3:10 p.m. on 24 April 2012, and it will remain suspended pending the release of further announcement(s) by the company.

Source:chinesestock.org