Yunnan SASAC to transfer 90% equity of Kunming Iron and Steel Holdings to China Baowu for free
2021-02-02 17:25:45 [Print]
Yunnan Coal Energy Co., Ltd. announced that on February 1, the People's Government of Yunnan Province and China Baowu Steel Group Corporation Limited signed a cooperation agreement. According to the cooperation agreement, both parties will deepen cooperation with the goal that the Yunnan party holds 10% equity of Kunming Iron and Steel Holdings Co., Ltd. and China Baowu holds 90% equity of Kunming Iron and Steel Holdings.
Up to now, Kunming Iron and Steel Holdings directly holds 595,841,429 shares of Yunnan Coal Energy, accounting for 60.19% of the company's total equity, and is the company's direct controlling shareholder. The actual controller of Yunnan Coal Energy is the State-owned Assets Supervision and Administration Commission (SASAC) of Yunnan Province.
In order to ensure the successful progress of this cooperation and guarantee the smooth transition of Kunming Iron and Steel Holdings, SASAC of Yunnan Province, China Baowu and Kunming Iron and Steel Holdings signed an entrusted management agreement on February 1, 2021. According to the agreement, SASAC of Yunnan Province entrusted China Baowu to manage Kunming Iron and Steel Holdings on its behalf from the effective date of the entrusted management agreement, and the entrusted management period shall not exceed 12 months (the parties shall strive to complete the industrial and commercial change registration of the equity transfer within six months from the effective date of this agreement).
After completing the transfer of Kunming Iron and Steel Holdings in accordance with the cooperation agreement, SASAC of Yunnan Province and China Baowu will sign a gratuitous transfer agreement after the completion of their respective approval procedures, and SASAC of Yunnan Province will transfer 90% equity of Kunming Iron and Steel Holdings to China Baowu for free.
Up to now, Kunming Iron and Steel Holdings directly holds 595,841,429 shares of Yunnan Coal Energy, accounting for 60.19% of the company's total equity, and is the company's direct controlling shareholder. The actual controller of Yunnan Coal Energy is the State-owned Assets Supervision and Administration Commission (SASAC) of Yunnan Province.
In order to ensure the successful progress of this cooperation and guarantee the smooth transition of Kunming Iron and Steel Holdings, SASAC of Yunnan Province, China Baowu and Kunming Iron and Steel Holdings signed an entrusted management agreement on February 1, 2021. According to the agreement, SASAC of Yunnan Province entrusted China Baowu to manage Kunming Iron and Steel Holdings on its behalf from the effective date of the entrusted management agreement, and the entrusted management period shall not exceed 12 months (the parties shall strive to complete the industrial and commercial change registration of the equity transfer within six months from the effective date of this agreement).
After completing the transfer of Kunming Iron and Steel Holdings in accordance with the cooperation agreement, SASAC of Yunnan Province and China Baowu will sign a gratuitous transfer agreement after the completion of their respective approval procedures, and SASAC of Yunnan Province will transfer 90% equity of Kunming Iron and Steel Holdings to China Baowu for free.
