Hunan Province-based Chinese steelmaker Hunan Valin Iron & Steel Co. (Hunan Valin Steel) has received approval for its planned non-public share issue from the State-owned Assets Supervision and Administration Commission (SASAC) of Hunan Province, as announced by Hunan Valin Steel on August 6.
Accordingly, Hunan Valin Steel can issue shares not exceeding 92,715 at a price of not less than RMB 4.53 ($0.73) per share. The share issue will further require approval of a general meeting of company shareholders and the China Securities Regulatory Commission. The proceeds from the share issue will be used to acquire Hunan-based Valin Energy Saving Power Generation Co.