Providential Holdings signs MoU with Hefei Steel

Providential Holdings signs MoU with Hefei Steel

According to recent news in the market, Providential Holdings has recently signed memorandum of understanding (MoU) to acquire Chinese steel producer Hefei Iron & Steel Group (HISG). Hefei Iron & Steel has production capacity of 1.4 million tons annually. Providential Holdings with a consortium plans to upgrade the plant and increase its capacity to 2 million tons. Both parties agreed on all terms however the completion of the deal is subject to approval of shareholders and certain regulatory agencies.