Chinese steel company Bengang Steel Plates Co., Ltd. of liaoning Province announced that the company plans to conduct an asset swap with its parent company Benxi Iron & Steel Group. The Company proposes to enter into 100% ownership interest in Benxi Iron & Steel (Group) Mining Co., Ltd. and sell all assets and liabilities except for the remaining assets and liabilities. Any decline in value will be settled in cash.
As of the date of this announcement, the transaction plan is subject to further negotiations and the size of the underlying assets, pricing and other key terms have not yet been determined.
