Fujian Province-based Chinese steelmaker Fujian Sangang Minguang Co., Ltd (Sangang Minguang) has announced that it has decided to terminate its major assets reorganization plan which involved acquisition of the mining business assets of Fujian-based mining company Fujian Makeng Mining Co.,Ltd (Makeng Mining).
Sangang Minguang stated that the two sides failed to reach agreement on the value of Makeng Mining’s exploration rights. In addition, trading of shares of Sangang Minguang resumed on June 15, while the company promised that it would not plan any major asset reorganization within six months of the resumption of trading of its shares.