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Maanshan Iron & Steel Co Announces Major Equity Transfer and Capital Increase with Baosteel

Story Highlights
  • Maanshan Iron & Steel Co will transfer 35.42% equity to Baosteel for RMB5.139 billion.
  • After the transaction, Maanshan will hold 51% and Baosteel 49% of the target company.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.

Maanshan Iron & Steel Co ( (HK:0323) ) has shared an update.

Maanshan Iron & Steel Co announced a major transaction involving an Equity Transfer Agreement and a Capital Increase Agreement with Baosteel, where it will transfer 35.42% equity interests in a target company to Baosteel for RMB5.139 billion. Additionally, Baosteel will make a capital contribution of RMB3.861 billion to the target company. Upon completion, Maanshan Iron & Steel Co will hold 51% and Baosteel 49% of the target company, making it a non-wholly-owned subsidiary. This transaction, classified as a major and connected transaction under Hong Kong’s Listing Rules, requires shareholder approval and independent financial advice.

More about Maanshan Iron & Steel Co

Maanshan Iron & Steel Co is a joint stock limited company incorporated in the People’s Republic of China, operating in the steel industry. It focuses on producing and distributing steel products and is listed on the Hong Kong Stock Exchange.

YTD Price Performance: 13.16%

Average Trading Volume: 7,625

Technical Sentiment Signal: Sell

Current Market Cap: $2.89B

See more data about 0323 stock on TipRanks’ Stock Analysis page.

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