Chinese ship design and shipbuilding company Shanghai Bestway Marine & Energy Technology has announced that its chairman and controlling shareholder Liu Nan has terminated a deal to sell his shares in the company to Wansheng Industries.
The company says Wansheng was able to make payment according to the agreement.
This is the third time in one year’s time Liu has failed to sell its shares in Shanghai Bestway, after two seperate deals failed in July and August respectively. The failed deals have caught the attention of Shenzhen Stock Exchange, which has sent a letter to Shanghai Bestway requesting explanation.
Shanghai Bestway said the company and the chairman will continue to look for new investors to solve its debt issue.
The company reported in October that it was facing risks in several shipbuilding contracts, which have the potential to hurt the company financially.