Liaoning Province-based Chinese steelmaker Ansteel Group has announced that it has received the approval from State-owned Assets Supervision and Administration Commission of the State Council to transfer 360 million shares in its listed subsidiary Ansteel to China Power Construction Corporation (Power China) for free, aiming to enhance the strategic cooperation between Ansteel Group and Power China and optimize the equity structure of Ansteel.
After the transfer, Ansteel Group will hold a 53.33 percent stake in Ansteel, while Power China will hold 4.98 percent stake in Ansteel.