Fujian Province-based Chinese steel company Sansteel Minguang Co., a subsidiary of Sansteel Group and primarily engaged in smelting, processing and distribution of iron and steel, has announced that it is planning to inject RMB 150 million ($23.85 million) into
Angang Steel Putian Cold Rolled Plate, a wholly-owned subsidiary of Liaoning Province-based steel producer Anshan Steel Group.
Accordingly, Sansteel Minguang will acquire a 10 percent stake in
Angang Steel Putian Cold Rolled Plate. Meanwhile, Putian State-owned Assets Investment Co., affiliated to Putian State-owned Assets Supervision and Administration Commission, will also invest RMB 150 million ($23.85 million) in
Angang Steel Putian Cold Rolled Plate, likewise acquiring a 10 percent stake in the company.
With the increase in the company's registration capital from RMB 1.2 billion ($190.78 million) to RMB 1.5 billion (238.5 million), Anshan Steel Group will still hold a majority stake, equal to 80 percent.