China Shanshui unit takeover

China Shanshui Cement Group said it has taken over the headquarters of its main operating unit, Shandong Shanshui Cement Group Ltd, following a management dispute.

The Chinese manufacturer "has smoothly taken over the headquarters and additional three factories” of the Shandong Shanshui Cement, with the assistance of the local police in the northern city of Jinan, it said in a filing dated 31 January.

The firm, which defaulted on onshore debt last year, announced plans in January to repay the 2020 securities. Concern had risen as new management backed by shareholder Tianrui Group Co struggled to take over the unit following a shareholder vote.

China Shanshui is taking stock of important documents as well as fixed assets of Shandong Shanshui, and all company stamps except for Shandong Shanshui have been found and returned, it said in the statement. (Source: Bloomberg).