SASAC approves TISCO restructuring plan with Baowu Steel
2020-10-12 11:56:15 [Print]
According to the announcement released by TISCO Stainless Steel recently, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) approved the plan of Shanxi State-owned Capital Operation Co., Ltd. for transferring 51% equities of its wholly-owned TISCO to Baowu Steel for free on 27 September. After the deal is closed, TISCO will be a holding subsidiary of Baowu Steel and Baowu Steel will indirectly hold 63.31% shares of TICSO Stainless Steel, a listed company, through TISCO.
Baowu Steel promised that TICSO Stainless Steel will run independently in terms of procurement, production, marketing and intellectual property right after the deal.
Baowu Steel also promised that it will try to steadily advance the business integration of TISCO Stainless Steel, Ningbo Baoxin and other holding subsidiaries by asset restructuring, business adjustment, entrusted management and other means in five years and at the soonest to solve the issue of horizontal competition.
Baowu Steel promised that TICSO Stainless Steel will run independently in terms of procurement, production, marketing and intellectual property right after the deal.
Baowu Steel also promised that it will try to steadily advance the business integration of TISCO Stainless Steel, Ningbo Baoxin and other holding subsidiaries by asset restructuring, business adjustment, entrusted management and other means in five years and at the soonest to solve the issue of horizontal competition.
