Shanxi Taigang Stainless Steel (SHE:000825) agreed to acquire 20% of Xinzhou Thermal Power for 165.4 million yuan through a court-mandated debt-for-equity swap, recovering part of a 226-million-yuan payment default by Shanxi Xinbang Trading.
The move follows two failed auctions and ongoing judicial sale proceedings, according to a Thursday filing with the Shenzhen bourse.
The steelmaker will apply the judicially set price against Shanxi Xinbang Tradings unpaid goods obligation from January 2022.