Sangang Minguang to purchase San'an Steel with RMB2.762 billion
2017-11-13 18:49:03 [Print]
Sangang Minguang announced on the evening of November 9th that it would issue shares as consideration to purchase 100% shares of Fujian San’an Steel jointly held by Sangang Group (controlling shareholder of the company), San’an Group, Rongde Mining and Xinda’an with RMB2,761,545,819
San’an Steel mainly engages in smelting, rolling, processing as well as production and sales of rolled foil products. Through this transaction, San'an Steel will become a wholly-owned subsidiary of the Sangang Minguang, then the impact of horizontal competition with San’an Steel will be completely eliminated.
. 63 . The company would issue a total of 228,415,698 shares at price of RMB12 . 09 per unit.
San’an Steel mainly engages in smelting, rolling, processing as well as production and sales of rolled foil products. Through this transaction, San'an Steel will become a wholly-owned subsidiary of the Sangang Minguang, then the impact of horizontal competition with San’an Steel will be completely eliminated.