Greater ChinaShipyards
Rongsheng Heavy Industries changes name, issues new shares
Shanghai: Rongsheng Heavy Industries, currently planning a major restructuring deal, has passed two resolutions at a shareholder’s meeting on Friday.
Rongsheng shareholders approved for a change to the company’s name to China Huarong Energy Company, gaining approval from 99.39% of shareholders. Additionally, 98.22% of shareholders approved for the company to issue an additional 20% new shares.
Rongsheng has suspended stock trading since March 11, and a potential restructuring deal involving Yangzijiang Shipbuilding and three banks is expected to happen this week.