Liaoning Province-based Chinese steelmaker Lingyuan Iron & Steel Co., Ltd has announced that Chaoyang City State-owned Assets Supervision and Administration Commission has inked a non-reimbursable transfer agreement with Liaoning Province-based Ansteel Group. Accordingly, the SASAC of Chaoyang City will transfer seven percent equity in Lingyuan Steel for free to Ansteel Group.
After the transfer, Ansteel Group will hold 56 percent equity in Lingyuan Steel, becoming the majority shareholder, replacing the SASAC of Chaoyang City.
The transfer has been approved by Chaoyang municipal government, while it is subject to the approval of the State-owned Assets Supervision and Administration Commission of China’s State Council.
