Beijing-based Chinese steel producer Shougang Co. announced late on July 16 that that its shares will be suspended from trading as of Tuesday, July 17 because of major asset restructuring.
Shougang is expected to make an announcement on the progress made regarding the asset restructuring within five trading sessions after the suspension of trading, according to a filing made to Shenzhen Stock Exchange.
The steel producer did not give further details as regards the asset restructuring and did not mention when trading of its shares will resume.
In a previous restructuring plan, all assets of Hebei-based Shougang Qiangang Co. valued at RMB 18.37 billion ($2.9 billion) were be included within Shougang Co. However, this plan was rejected at a meeting of Shougang shareholders on June 25.