C ZENITH CHEM (00362) terminates the sale of 90% equity interest in Heihe Longjiang Chemical Co., Ltd.
China Tianhua Chemical (00362) announced that as of the date of this announcement, the possible sale of assets has not been completed and there are no agreements in place for the possible sale of assets.
C ZENITH CHEM (00362) announces that, as of the date of this announcement, the potential sale of certain assets has not been completed and no agreements have been reached regarding the potential sale. The company considers that the support of China and banking policies may enable its subsidiaries to obtain loans for operating funds, and also notes that the recent sales price of carbides has begun to stabilize. In the best interest of the company's shareholders, the board of directors hereby announces that it will not sell 90% of the equity of Heihe Longjiang Chemical Co., Ltd.
The board of directors believes that the termination of the potential sale will not have a significant adverse impact on the group's current business or financial condition.
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