Sinosteel International to increase investment of RMB1 billion in Sinosteel MECC
2022-08-02 15:12:35 [Print]
Sinosteel International announced on August 1st that it will increase investment in its wholly-owned subsidiary, Sinosteel MECC, with funds of RMB1 billion raised through public issuance of convertible bonds and owned by itself
. In particular, the raised funds for investment increase will continue to be used in accordance with the original arrangement, namely to supplement working capitals and develop Inner Mongolia (Naiman) Jing'an Nonferrous Metal Materials Co . , Ltd . 's EPC project for 1,200,000tpy ferronickel . After the investment increase is completed, Sinosteel MECC's registered capitals will increase from RMB3 billion (USD443 . 51 million) to RMB4 billion (USD591 . 35 million) and all shares of the company will continue to be held by Sinosteel International.