Bengang steel plates continues asset swap discussions amidst uncertainties

Bengang Steel Plates Co., Ltd. announced further progress on its proposed major asset swap and related-party transaction with Benxi Iron & Steel (Group) Co., Ltd. The transaction involves the company acquiring 100% equity in Benxi Iron & Steel (Group) Mining Co., Ltd., and divesting all its assets and liabilities, excluding retained assets and liabilities. Any differential between the placed-in and placed-out assets will be settled in cash.

Since the initial announcement on March 21, 2023, the company has released numerous progress updates, with the latest prior to this disclosure being on August 21, 2025. The transaction proposal and its compliance aspects are still undergoing further review and discussion. Key elements such as the scope of the assets and the transaction price remain undetermined.

The company emphasizes that the transaction may be subject to adjustments, suspension, or cancellation. Upon finalization of details, the proposal will be submitted to the board of directors for approval. Investors are advised to exercise caution due to the existing uncertainties.