Shanghai Bourse Suspends Review of NBTM New Materials' Acquisition of Fuchi High-Tech's Stake
NBTM New Materials (SHA:600114) said the Shanghai Stock Exchange suspended the review of its proposed acquisition of 34.8% of Shanghai Fuchi High-Tech, according to a Friday bourse filing. The acquisition was supposed to be made through share placement and cash. The suspension was decided after the financial information in the potential transaction's application documents expired. The powder metallurgy mechanical parts maker plans to proceed with the transaction, with the financial applications needing to be updated and resubmitted. The company's shares rose 3% at the close.
NBTM New Materials (SHA:600114) said the Shanghai Stock Exchange suspended the review of its proposed acquisition of 34.8% of Shanghai Fuchi High-Tech, according to a Friday bourse filing.
The acquisition was supposed to be made through share placement and cash.
The suspension was decided after the financial information in the potential transaction's application documents expired.
The powder metallurgy mechanical parts maker plans to proceed with the transaction, with the financial applications needing to be updated and resubmitted.
The company's shares rose 3% at the close.