Masteel to transfer 55% stock equity of Maanshan Steel Scrap
2018-08-16 18:00:05 [Print]
Maanshan Iron & Steel Co., Ltd. ("Masteel") recently announced that it planned to transfer the 55% stock equity of Maanshan Steel Scrap Co., Ltd. ("Steel Scrap") to its controlling shareholder Magang (Group) Holding Co., Ltd. ("Magang"). If the transaction proceeds, the ratio of investments from Magang and Masteel will be 55% and 45% respectively.
In addition, Masteel's wholly-owned subsidiary Anhui Magang Chemical Energy Science & Technology Co., Ltd. ("Magang Chemical") plans to add investment. Masteel intends to added capital of 1,406,140.00 yuan and give up the pre-emption right, and Magang will subscribe all of the newly-added capital. The ratio of investments from Magang and Masteel will be 55% and 45% respectively if the capital increase finishes.
Furthermore, Masteel's holding subsidiary Anhui Magang Jiahua New Building Materials Co., Ltd. ("Jiahua") plans to add capital and Masteel gives up the pre-emption right and Magang and Jiahua's shareholder Lida Investment Co., Ltd. ("Lida") will subscribe all of the newly-added capital. The ratio of investments from Magang, Masteel, and Lida will be 40%, 30%, and 30% respectively if the capital increase ends.
In addition, Masteel's wholly-owned subsidiary Anhui Magang Chemical Energy Science & Technology Co., Ltd. ("Magang Chemical") plans to add investment. Masteel intends to added capital of 1,406,140.00 yuan and give up the pre-emption right, and Magang will subscribe all of the newly-added capital. The ratio of investments from Magang and Masteel will be 55% and 45% respectively if the capital increase finishes.
Furthermore, Masteel's holding subsidiary Anhui Magang Jiahua New Building Materials Co., Ltd. ("Jiahua") plans to add capital and Masteel gives up the pre-emption right and Magang and Jiahua's shareholder Lida Investment Co., Ltd. ("Lida") will subscribe all of the newly-added capital. The ratio of investments from Magang, Masteel, and Lida will be 40%, 30%, and 30% respectively if the capital increase ends.
