Rongsheng Heavy Industries sale delayed

Hong Kong- listed China Huarong Energy has announced that it has entered into a supplemental agreement with Unique Orient, the potential buyer of the shipbuilding assets of Rongsheng Heavy Industries, to postpone the completionof the deal from December 31 to March 31,2019. The parties believe they need additional time for the fulfillment of conditions. Huarong Energy inked a deal with Unique Orient in October for the disposal of its shipbuilding asset for a nominal price of HK$1 along with its liabilities. Once the largest private yard in China, Rongsheng ceased shipbuilding ceased shipbulding operations in 2014 after it was hit by a major financial crisis and the shipyard rebranded into Huarong Energy in 2015.


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