Van Shung Chong (01001) said it agreed to acquire the entire equity interest in He Tai Steel Co., Limited at HK$28 million.
He Tai is principally engaged in collection and sale of scrap steel.
Van Shung Chong said it has participated in trading of scrap steel in the PRC. The acquisition will provide an opportunity to the Group to expand its Hong Kong steel business to trading of scrap steel and broaden its revenue stream.
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