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Keda Manufacturing Terminates 7.47 Billion Yuan Major Asset Restructuring After Exchange Rejection

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Keda Industrial's (SHA:600499) unit Keda Manufacturing terminated its planned 7.47 billion yuan acquisition of a 51.55% stake in Tefu International, following the Shanghai Stock Exchange's rejection on Aug. 4.

The transaction, which involved share issuance and cash payments, was intended to fully consolidate its overseas building materials subsidiary and expand its African building materials business.

The Exchange reorganization committee ruled that the transaction did not meet restructuring conditions or information disclosure requirements, leading to the termination, according to a bourse filing on Monday.

The termination will not affect Keda Manufacturing's control over Tefu International or its overseas business operations, which continue to develop steadily.

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