Fujian Province-based Chinese steelmaker Sangang Minguang Co., Ltd (Sangang Minguang) has announced that it plans to purchase 100 percent equity of Fujian-based Sanan Steel Co. (Sanan Steel) by issuing shares to purchase 63.4003 percent, 25.0095 percent, 9.3615 percent and 2.2287 percent of equity respectively from Sanan Steel’s four shareholders, namely Fujian Sangang Group, Sanan Group, Rongde Mining Co. and Xiamen Xindeco, which are all based in Fujian Province.
So far, Sangang Minguang has signed a framework agreement with the four shareholders of Sanan Steel.