Baowu Steel begins to act as trustee of TISCO
2020-12-25 11:59:06 [Print]
On 25 December, TISCO Stainless Steel announced that Shanxi State-owned Capital Operation Co., Ltd., Baowu Steel and TISCO signed the "gratuitous transfer transitional period management arrangement agreement for TISCO". During the period from signing date of the transitional period agreement to completion date of gratuitous transfer equity change commercial registration, Baowu Steel will act as the trustee of TISCO.
On 21 August, Shanxi State-owned Capital Operation Co., Ltd. and Baowu Steel signed the gratuitous transfer agreement, according to which the former will transfer 51% equities of TISCO to the latter in a gratuitous manner. Based on the transitional period agreement arrangements, TISCO's shareholding structure, board of directors and management will maintain the status quo during the transitional period and all parties will work closely to keep TISCO's business operation, board of directors and management steady. Once receiving all approvals for the gratuitous transfer, all parties will make joint efforts to complete TISCO's equity change commercial registration and other settlement arrangements as soon as possible.
According to the announcement, by the signing date of the transitional period agreement, Shanxi State-owned Capital Operation Co., Ltd. held 100% equities of TISCO and TISCO held approximately 3.61 billion shares of TISCO Stainless Steel, accounting for 63.31% of the total. After the gratuitous transfer is concluded, Baowu Steel will hold 51% equities of TISCO and be an indirect shareholder of TISCO Stainless Steel, and the State-owned Assets Supervision and Administration Commission of the State Council, the controlling shareholder of Baowu Steel, will be the actual controller of TISCO Stainless Steel.
On 21 August, Shanxi State-owned Capital Operation Co., Ltd. and Baowu Steel signed the gratuitous transfer agreement, according to which the former will transfer 51% equities of TISCO to the latter in a gratuitous manner. Based on the transitional period agreement arrangements, TISCO's shareholding structure, board of directors and management will maintain the status quo during the transitional period and all parties will work closely to keep TISCO's business operation, board of directors and management steady. Once receiving all approvals for the gratuitous transfer, all parties will make joint efforts to complete TISCO's equity change commercial registration and other settlement arrangements as soon as possible.
According to the announcement, by the signing date of the transitional period agreement, Shanxi State-owned Capital Operation Co., Ltd. held 100% equities of TISCO and TISCO held approximately 3.61 billion shares of TISCO Stainless Steel, accounting for 63.31% of the total. After the gratuitous transfer is concluded, Baowu Steel will hold 51% equities of TISCO and be an indirect shareholder of TISCO Stainless Steel, and the State-owned Assets Supervision and Administration Commission of the State Council, the controlling shareholder of Baowu Steel, will be the actual controller of TISCO Stainless Steel.
