Jiangsu Province-based Chinese steelmaker Shagang Co. has announced that it has signed a capital increase agreement with Zhangjiagang, Jiangsu-based Jiulong Steel Logistics Co. (Jiulong Logistics) and its subsidiary Jiulong E-Commerce Co. to invest RMB 4.8 million ($774,193) in Jiulong E-Commerce Co. Accordingly, the registered capital of Jiulong E-Commerce Co. has been increased to RMB 9.8 million ($1.58 million), rising from RMB 5 million ($806,452). After the capital increase, Jiulong Logistics holds a 51.02 percent stake in Jiulong E-Commerce Co., while Shagang Co. has acquired a 48.98 percent stake in the company.
Founded in 2013, Jiulong E-Commerce Co. has not yet been commissioned and so it still does not generate any revenues. Its business will be focused on the steel trade and steel logistics.
Shagang acquires 48.98% stake in Jiulong E-Commerce Co.
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