Both China Shipbuilding Industry Company Limited and China CSSC Holdings Limited released the “Announcement on Suspension for Planning Major Asset Reorganization”, which stated that the two parties are planning to merge China Shipbuilding Industry Company Limited through share swapping.
The merger is classified as “major asset reorganization”, as China Shipbuilding Industry Company Limited and China CSSC Holdings Limited said in a Shanghai Exchange filing.
The announcement in the Shanghai Stock Exchange disclosed that China Shipbuilding Industry Company Limited and China CSSC Holdings Limited are planning to merge China Shipbuilding Industry Company Limited via share swapping by issuing A-shares to all shareholders of China Shipbuilding Industry Company Limited.
In the stock exchange release by China Shipbuilding Industry Company Limited and China CSSC Holdings Limited, it is also stated that this transaction is still in the planning stage and there are uncertainties in relevant matters.
China Shipbuilding Industry Company Limited disclosed in the announcement that “In accordance with the relevant regulations of the Shanghai Stock Exchange, upon the company’s application, the trading of the company’s securities will be suspended from the opening of the market on Tuesday, September 3, 2024, with an expected suspension period not exceeding 10 trading days.”
On September 3, China CSSC Holdings Limited also issued in the Shanghai Exchange a similar announcement.
