The Board of Directors of China’s Hangyang Holdings has announced that the company has reached a tripartite agreement to acquire the assets of a steel manufacturer and expand its gases business.
The agreement, announced on 24th July, is with Shanxi Li Heng Iron and Steel Group Co., Ltd., and Ningbo Bonded Area Qianding Equity Investment Management Co. Ltd.
It will see Hangyang and Qianding jointly invest in setting up Shanxi Hangyang Qianding Industrial Gas Co. Ltd., in the site of the Shanxi Quwo Liheng steel plant. Shanxi Hangyang will then implement a project to acquire the oxygen generation assets of Liheng steel to provide gas services for the Shanxi Liheng Iron and Steel Group Co., Ltd.
The total investment is expected to be RMB 353m ($56m approx.).
... to continue reading you must be subscribed
