Rongsheng Heavy Industries sale delayed

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 completion of 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 assets for a nominal price of HK$1 along with its liabilities.

Once the largest private yard in China, Rongsheng ceased shipbuilding operations in 2014 after it was hit by a major financial crisis and the shipyard rebranded into Huarong Energy in 2015.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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