Shanghai Bestway restructuring deal approved

Shanghai: Shanghai Bestway Marine Engineering Design Co announced yesterday that the company has gained approval from the China Securities Regulatory Commission on the company’s major restructuring deal. The company’s stock has also resumed trading.

According to the restructuring plan, Shanghai Bestway will acquire full equity of Shanghai Walking LNG Utilization Company and 80% equity of Shanghai Jieneng LNG Transport Company for RMB260m.

Shanghai Bestway said LNG business will be the company’s development focus for the next two years. [25/03/14]

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