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Maanshan Iron & Steel Co ( (HK:0323) ) has issued an update.
Maanshan Iron & Steel Co announced a capital reduction agreement involving its subsidiary, Baowu Water, and its shareholders. The agreement resulted in Magang Limited, a subsidiary of Maanshan Iron & Steel Co, reducing its capital contribution to Baowu Water by RMB538,382,200, decreasing its shareholding from 14.977% to 3.151%. This transaction, classified as a connected transaction under the Listing Rules, does not require independent shareholders’ approval due to its applicable percentage ratio. The capital reduction also involved Nanjiang Steel and Yili Steel, who will no longer hold equity in Baowu Water.
The most recent analyst rating on (HK:0323) stock is a Buy with a HK$2.80 price target. To see the full list of analyst forecasts on Maanshan Iron & Steel Co stock, see the HK:0323 Stock Forecast page.
More about Maanshan Iron & Steel Co
Maanshan Iron & Steel Co, incorporated in the People’s Republic of China, operates within the steel industry. The company is involved in the production and distribution of iron and steel products, catering to various market needs.
YTD Price Performance: 68.71%
Average Trading Volume: 35,576,461
Technical Sentiment Signal: Buy
Current Market Cap: HK$28.71B
See more data about 0323 stock on TipRanks’ Stock Analysis page.