Beihai Port Co, a port operator in southwest China, said on Saturday that it was indefinitely suspending a plan to buy port assets worth 2.22 billion yuan ($325 million) from its state parent. The company had announced last August that it would issue 288 million shares to its parent at 7.71 yuan each to take control of two ports from the parent group.
But the company said on Saturday that although it would continue to work to remove obstacles to the plan, it had not so far received approval from the securities regulator or been able to complete legal procedures. It said it would not revive the plan for at least three months.
Beihai Port's share price last closed at 10.55 yuan, up from 8.01 yuan when the deal was announced in August.
But the company said on Saturday that although it would continue to work to remove obstacles to the plan, it had not so far received approval from the securities regulator or been able to complete legal procedures. It said it would not revive the plan for at least three months.
Beihai Port's share price last closed at 10.55 yuan, up from 8.01 yuan when the deal was announced in August.