The State-owned Assets Supervision and Administration Commission of Beijing’s municipal government has approved the transfer by Chinese steel giant Shougang Group of a 15 percent stake in Beijing-based steel subsidiary Shougang Co., Ltd. to another domestic steel giant Baowu Group for free, as announced by Shougang Co. on November 22.
As previously reported by SteelOrbis, on November 11 Shougang Group inked an agreement with Baowu Group regarding the transfer in question. After the transfer, Shougang Group will hold a 64.38 percent stake in Shougang Co., while Baowu Group will hold a 15 percent stake.