Shanghai: Shanghai Zhenhua Heavy Industry has decided to transfer its shares in Nantong Zhenhua Hongsheng Heavy Forge Company.
The Nantong-based forge company was jointly set up by Zhenhua and Jiangsu Hongsheng Heavy Industry. Zhenhua has invested RMB10m in the company and owns 5% shares of the jv.
The steel company has been in the red for several years. Zhenhua sold its 5% stake to a Nanjing-based company for RMB10m.
Zhenhua has been focusing more and more on the offshore sector of late. [10/02/14]