Antong Holdings aborts asset purchase plan

Antong Holdings (SSE:600179) announced the termination of its proposed issuance of shares to purchase assets and related-party transactions. The company had intended to acquire 100% equity of China International Marine Containers and 70% equity of Guangzhou China Merchants Ro-Ro Transportation through the issuance of shares to China Merchants Energy Shipping. According to the filing, the decision to terminate the transaction was made after careful consideration, as parties could not reach an agreement on key terms, and significant changes in the market environment and the target companies' actual situations had occurred since the initial planning. Antong said the decision was made to protect the long-term interests of the company and its investors. The company also pledged to refrain from planning any major asset restructuring for at least one month. The company will hold an investor briefing on May 30 to address any concerns.