Shanghai Century Shanghaied By Its Shareholders

Shanghai Century Acquisition Corporation (AMEX: SHA, SHA.U, SHA.WT), a SPAC that raised $115 million in April 2006, announced that on April 29, 2008 its shareholders rejected its proposed acquisition of Asia Leader Investments Limited (a structured lease finance business in China initially in the banking/financial services infrastructure and automotive industries).

The idea was to expand Asia Leader's industry coverage after the closing to include: alternative energy infrastructure, energy savings infrastructure, healthcare, aviation and telecommunications.

The SPAC will now begin the process of liquidation.

This following the SPAC's botched attempt to acquire Sichuan Kelun Pharmaceuticals Co was scuttled after the transaction was unable to gain approvals from the People's Republic of China.


Click here for the press release