CSRC gives approval for SGIS Songshan’s non-public share offering
On May 22, Guangdong Province-based Chinese steel producer SGIS Songshan Co., the listed subsidiary of Chinese steelmaker Shaoguan Iron and Steel Co., announced that its planned non-public share offering has been approved by China Securities Regulatory Commission (CSRC). Accordingly, the shares in question are worth a total of RMB 1.5 billion ($244.7 million) and the proceeds will be mainly used to supplement the company's working capital.
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