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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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