Fangda Special Steel abandons acquisition of Shente Steel

Friday, 31 July 2020 09:57:33 (GMT+3)   |   Shanghai

Jiangxi Province-based Chinese steelmaker Fangda Special Steel Technology Co., Ltd (Fangda Special Steel) announced on July 30 that it decided to abandon the acquisition of Jiangsu Province-based five steel enterprises belonging to Shente Steel Group due to their debt crisis and complicated reforming procedures not meeting the basic requirements of investment and acquisition of listed company.

However, Fangda Special Steel said its controlling shareholder, Fangda Steel Group will participate in the restructuring investment of enterprises of Shente Steel. It also said if it successfully invests in those enterprises in question, it will inject them into its listed asset—Fangda Special Steel. 

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