Russian mining and steelmaking company Evraz Group has announced that it has entered into a share purchase agreement with Singapore-listed Best Decade Holdings Limited to dispose of its 15.04 percent stake in Chinese flat steel producer Delong Holdings Limited (Delong), for a consideration of $91.7 million.
Evraz stated that it believes that the average price per share for the transaction is a highly attractive opportunity to exit the investment, with the share price having moved on a rising trend since September 2017.
As a dedicated hot rolled coil (HRC) manufacturer, Delong specializes in the supply of steel in such specifications for the infrastructure, pipe-making, cold rolled coil (coil), machinery and automotive industries in China. Delong has been listed on the main board of Singapore Exchange Securities Trading Limited since March 2, 2006.