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Fangda Special Steel Technology Co Ltd to Cancel Plan of Acquiring 74% of South Africa-based Company

Thursday, 18 Jul 2013 08:00pm EDT 

FANGDA SPECIAL STEEL TECHNOLOGY CO., LTD announced that it has received a notice from Mr. Zhang Yanbing, according to whom the Company's plan of acquiring a 74% stake in BOBOKO, a South Africa-based investment company, from Ms. Jayamma Lingham and Mr. Zhang Yanbing for USD 3 million., which was previously announced on May 17, 2012, was not approved by related government departments in South Africa. Thus the two parties decided to cancel the acquisition plan. 

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