Valin Iron and Steel: Capital increase of RMB7.25 billion to Valin Xiangtan Iron and Steel and Valin LY Steel after reshuffle
2019-12-18 16:23:37 [Print]
Valin Iron and Steel released an announcement on late December 16 that the company is undertaking major assets restructuring. The detailed measure is issuing shares to purchase a small part of equity of its subsidiaries, i.e. Valin Xiangtan Iron and Steel Co., Ltd., Valin LY Steel Co., Ltd. and Hengyang Valin Steel Tube Co., Ltd., and acquiring related assets of relevant parties in cash. After the reshuffle, Valin Xiangtan Iron and Steel and Valin LY Steel will become wholly-owned subsidiaries of Valin Iron and Steel. In order to further enlarge the capital scale of wholly-owned subsidiaries and enhance the capital strength, Valin Iron and Steel plans to make a capital increase of RMB6.251 billion (USD892 million) to Valin Xiangtan Iron and Steel and of RMB994 million (USD142 million) to Valin LY Steel in cash after the settlement completion of reshuffle.
