China Baowu becomes actual controller of Chongqing Iron and Steel
2020-09-17 14:34:35 [Print]
Chongqing Iron and Steel announced on September 16 that Four Rivers Investment, the original actual controller of Chongqing Iron and Steel, transferred its partnership interests of Four Rivers Investment Industry Development Funds to Desheng Group. Meanwhile, it dismissed Four Rivers Investment Industry Development Funds and implemented non-cash distribution of its 75% equity of Changshou Iron and Steel to China Baowu and Desheng Group based on actual proportion of payment. China Baowu obtained 40% equity and the control right of Changshou Iron and Steel by reaching concerted action agreement with strategic emerging industries equity investment funds of Chongqing. As a result, China Baowu can indirectly control 2,096,981,600 shares of the company, accounting for 23.51%, and becomes the actual controller of this company.
