Valin Steel's restructuring application approved by CSRC
2019-08-16 17:18:05 [Print]
On the evening of 14 August, Valin Steel released an announcement, declaring that its stock issue, asset procurement by cash and related trading items were approved by China Securities Regulatory Commission (CSRC) conditionally.
According to the announcement of Valin Steel, the total price for underlying assets of the restructuring is RMB10.466 billion (USD1.49 billion). After the deal is completed, Valin Steel will hold 100% equities of Valin Xiangtan Iron and Steel, Valin LY Steel, Hengyang Steel Tube and Valin Energy-saving.
Valin Steel noted that the deal will effectively reduce asset-liability ratio of listed company, relieve financial burden of listed company and optimize capital structure, improve synergistic effect between production of iron and steel and energy-conservation power generation and enhance competitiveness of listed company and continuous operation ability.
According to the announcement of Valin Steel, the total price for underlying assets of the restructuring is RMB10.466 billion (USD1.49 billion). After the deal is completed, Valin Steel will hold 100% equities of Valin Xiangtan Iron and Steel, Valin LY Steel, Hengyang Steel Tube and Valin Energy-saving.
Valin Steel noted that the deal will effectively reduce asset-liability ratio of listed company, relieve financial burden of listed company and optimize capital structure, improve synergistic effect between production of iron and steel and energy-conservation power generation and enhance competitiveness of listed company and continuous operation ability.
