Delong obtains SGX approval for proposed steel project JV
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DELONG Holdings has obtained the Singapore Exchange's approval for a proposed joint venture (JV).
The proposed JV, first announced in June, is between the group's indirect wholly owned subsidiary Delong Steel Singapore Projects Pte Ltd, Shanghai Decent Investment (Group) Co Ltd and PT Indonesia Morowali Industrial Park. The JV company is to be set up in Indonesia to invest and construct a steel project at Tshingshan Park.
SGX's approval is subject to a few conditions, including the shareholders' approval for the proposed JV being obtained at the forthcoming extraordinary general meeting.
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