Valin Steel's "ten-billion-recapitalization" approved by shareholders' meeting
2019-04-28 16:42:43 [Print]
On April 26, Valin Steel announced that its ten-billion-recapitalization was greatly promoted because the SASAC of Hunan Province has approved the recapitalization plan in principle. All proposals were passed on the second interim shareholders' meeting on the afternoon that day.
So far, Valin Steel's ten-billion-recapitalization has only one last hurdle to go through - the approval of the China Securities Regulatory Commission (CSRC).
According to its previous announcements, Valin Steel planned to acquire all the shares of Valin Xiangtan Iron & Steel Co., Ltd., Valin LY Steel Co., Ltd. and Valin Steel Tube Co., Ltd., and 100% of the shares in Valin Energy Saving & Environmental Protection Technology Co., Ltd. held by Valin LY Steel. Valin Steel would acquire the assets at a total price of up to 10.466 billion yuan, which is a real "ten-billion-recapitalization".
So far, Valin Steel's ten-billion-recapitalization has only one last hurdle to go through - the approval of the China Securities Regulatory Commission (CSRC).
According to its previous announcements, Valin Steel planned to acquire all the shares of Valin Xiangtan Iron & Steel Co., Ltd., Valin LY Steel Co., Ltd. and Valin Steel Tube Co., Ltd., and 100% of the shares in Valin Energy Saving & Environmental Protection Technology Co., Ltd. held by Valin LY Steel. Valin Steel would acquire the assets at a total price of up to 10.466 billion yuan, which is a real "ten-billion-recapitalization".
