Sanergy Group (HKG:2459) and the Huixian government's deal to form a joint venture company has been terminated and the parties have agreed to dissolve the JV firm, a Tuesday bourse filing said.
The move comes about in view of the ever-changing market and economic environment, according to the graphite electrodes manufacturer.
The JV company, which has not yet commenced operations, will be dissolved within the first quarter of 2025, subject to the relevant regulatory approvals.
The parties had entered into a contract to form the JV company in May 2023 to expand the annual production capacity of UHP graphite electrodes at a China factory to 40,000 tons.
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