Anyang Steel to acquire 100 percent of Wuyang Mining

Henan Province-based Chinese steelmaker Anyang Iron and Steel Co. (Anyang Steel) has announced that it plans to purchase 100 percent of equity of Wuyang Mining Co. from its parent company Anyang Iron & Steel Group via an equity issuance.

The estimated total value of Wuyang Mining amounts to RMB 2.25 billion ($0.37 billion). Accordingly, Anyang Steel plans to issue 1.146 billion of its own shares at RMB 1.96/share ($0.32/share), while Anyang Iron and Steel Group will take ownership of the newly-issued shares.