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Linglong Tyre Scraps Brazil Partnership Deal

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Shandong Linglong Tyre (SHA:601966) agreed to terminate its partnership with Sunset S.A. Comercial Industrial Y De Servicios for the construction of two projects in Brazil, according to a Shanghai bourse filing on Thursday.

Both parties failed to reach an agreement on key terms, such as equity ownership ratios and cooperation conditions.

The projects were supposedly the construction of a 35-megawatt photovoltaic power station and a tire factory that would have manufactured 14.7 million redial tires annually.

The Chinese tire manufacturer's shares fell by less than 2% during the afternoon trade.

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