Shanghai-based Chinese steel giant Baoshan Iron and Steel (Baosteel) has announced that as of October 8 it has spent RMB 600 million on buying back 131 million of its own shares, which is equal to 0.75 percent of its total equity. In addition, the repurchase price for the shares in question ranged between RMB 4.51 and RMB 4.65.
In August this year, Baosteel stated its intention to repurchase one billion of its own shares, or 5.7 percent of its total equity. The plan was officially approved on September 17 at a shareholders meeting.