Rongsheng plans to extend Quanchai deal

Rongsheng Heavy Industries has made an official announcement on July 17 that it intends to extend its Quanchai buyout deal as the expiry date nears, SinoShipNews reports.

“As the expiry date is forthcoming, Jiangsu Rongsheng Heavy Industries intends to commence discussion with the Vendor in respect of the possibility of applying for an extension of the expiry date from the SASAC,” Rongsheng said in the announcement.

“As the market turmoil created by the Euro-zone debt crisis has not yet stabilized and its actual effects on the global and domestic economy cannot be determined, Jiangsu Rongsheng Heavy Industries has not yet completed the aforementioned analysis, and the timing for completion of preparation of such analysis is uncertain at this stage,” Rongsheng added.