Rongsheng under fire for failure to complete engine buyout

Hong Kong: China’s largest private shipyard, Jiangsu Rongsheng Heavy Industries, has come under fire from investors failing to complete a protracted takeover of engine maker Quanchai Power. Investors in Hong Kong where Rongsheng is listed yesterday demanded to know what is happening with the planned buy out, which has now dragged on for nearly a year.

The investors of Quanchai Power, Aegon-Industrial Fund Management Co. Ltd and Orient Securities, have asked Rongsheng to coordinate with Quanchai and fulfill the tender offer obligations and protect the interests of the investors.

Rongsheng has interests in another engine maker, Rong An Power.  [05/07/12]

 

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