Henan Province-based Chinese steelmaker Zhongyuan Special Steel Co., Ltd (Zhongyuan Special Steel) has announced that its controlling shareholder China South Industries Group Co. plans a free transfer of its stake in Zhongyuan Special Steel to China Oil And Foodstuffs Corporation (COFCO). The plan has received approval from the State-owned Assets Supervision and Administration Commission (SASAC). After the free transfer, 339.115147 million shares in Zhongyuan Special Steel held by China South Industries Group will belong to COFCO, equivalent to a 67.42 percent stake in Zhongyuan Special Steel. The aim of the transfer of shares is to promote the optimal usage of state-owned resources. The transfer still needs approval from the China Securities Regulatory Commission (CSRC).
Majority stake in Zhongyuan Special Steel to be transferred to COFCO
Eunice Ouyang
EditorI graduated from University of Shanghai for Science and Technology, with 16 years of deep expertise in the steel industry. I am responsible for steel-related news and intelligence, as well as leading the content team in China.