Guangdong Province-based Chinese steel pipe manufacturer Panyu Chu Kong Steel Pipe Co. has announced that it will acquire 100 percent of shares of Nanjing Rongyu Group, the outstanding 26.17 percent of shares of Nanjing Qixiashan Steel Rolling Co. which are not owned by Nanjing Rongyu Group, as well as the outstanding five percent of shares of Nanjing Rongyu Group Marketing Management Co.
Nanjing Rongyu Group owns 73.83 percent of shares of Qixiashan Steel Rolling Co. and 95 percent shares of the marketing management company in question.
The transaction, worth a total value of RMB 80.36 million ($13 million), will be paid from Panyu Chu Kong Steel Pipe's operating capital.
Nanjing Rongyu Group owns two rebar production lines, which have a combined annual production capacity of 1 million mt.