Nanjing Shenghang Shipping is delisting its over-the-counter (OTC) shares to buy out rebel shareholders as it prepares for a long-discussed initial public offering.
The domestic chemical tanker owner is awaiting regulatory approval of an IPO that will allow it to expand its fleet of Yangtze River and coastal trading ships.
Shenghang has told the National Equities Exchange and Quotations (NEEQ) authorities that to protect the rights of dissident shareholders, anyone who voted against the delisting proposal or did not attend the shareholders' meeting can apply for the repurchase offer.
