Liaoning Province-based Chinese steelmaker Bengang Steel Plates Co., Ltd. announced that the company plans to conduct an asset swap with its parent company Benxi Iron & Steel Group. The company proposes to inject 100 percent equity interest in Benxi Iron & Steel (Group) Mining Co., Ltd. and divest all assets and liabilities except for the retained assets and liabilities. Any shortfall in value will be settled in cash.
As of the date of this announcement, the transaction plan requires further negotiation, and the scope of the underlying assets, pricing, and other key terms have not been finalized yet.
