Gratuitous transfer of 51% equities of TISCO passes Japanese anti-monopoly review
2020-11-20 17:28:17 [Print]
TISCO Stainless Steel Co., Ltd. announced on November 19 that gratuitous transfer of holding shareholder TISCO's 51% equities passed Japanese anti-monopoly review.
TISCO Stainless Steel stated in this announcement that regarding centralized declaration of Japanese operators involved, China Baowu Steel received the approval from Japan Fair Trade Commission (JFTC) on November 19, 2020. JFTC confirmed that it didn't prohibit the acquisition of the equities in TISCO (Group) by China Baowu Steel.
Shanxi State-owned Capital Operation Co., Ltd. holding 100% equities of TISCO and China Baowu Steel with State-owned Assets Supervision and Administration Commission (SASAC) of the State Council as the controlling shareholder signed a gratuitous transfer agreement on August 21, 2020. According to this agreement, Shanxi State-owned Capital Operation Co., Ltd. will transfer 51% equities of TISCO it holds to China Baowu Steel for free.
After the transfer is completed, China Baowu Steel will indirectly control 62.70% equities of TISCO Stainless Steel through TISCO and the actual controller of TISCO Stainless Steel will be changed from SASAC of Shanxi Province to SASAC of the State Council. The direct controlling shareholder of TISCO Stainless Steel is still TISCO.
TISCO Stainless Steel stated in this announcement that regarding centralized declaration of Japanese operators involved, China Baowu Steel received the approval from Japan Fair Trade Commission (JFTC) on November 19, 2020. JFTC confirmed that it didn't prohibit the acquisition of the equities in TISCO (Group) by China Baowu Steel.
Shanxi State-owned Capital Operation Co., Ltd. holding 100% equities of TISCO and China Baowu Steel with State-owned Assets Supervision and Administration Commission (SASAC) of the State Council as the controlling shareholder signed a gratuitous transfer agreement on August 21, 2020. According to this agreement, Shanxi State-owned Capital Operation Co., Ltd. will transfer 51% equities of TISCO it holds to China Baowu Steel for free.
After the transfer is completed, China Baowu Steel will indirectly control 62.70% equities of TISCO Stainless Steel through TISCO and the actual controller of TISCO Stainless Steel will be changed from SASAC of Shanxi Province to SASAC of the State Council. The direct controlling shareholder of TISCO Stainless Steel is still TISCO.
