It is reported that China CAMC Engineering a company mainly engaged in engineering construction projects and the export of construction equipment received a notice recently from controlling shareholder, China National Machinery Industry Cooperation, that it is planning a large scale asset restructuring.

China CAMC Engineering said it will try to finalize the restructuring by February 6.

Should the company fail to do so, it may apply to the regulators for permission to extend the trading suspension, depending on the status of the restructuring.

China CAMC Engineering had filed on December 21 that it plans to acquire a 60% stake in Procon Holdings for CAD 119.34 million in order to expand its engineering contracting business to the mining sector.

(Sourced from China Securities Journal)