A draft asset restructuring plan of Beijing-based Chinese steelmaker Shougang Co. was approved at a general meeting of company stockholders held on August 23, the company has announced.
According to the restructuring plan, all assets of Shougang Qiangang worth RMB 18.37 billion ($2.89 billion) will be injected into Beijing Shougang. To cope with the funding, Beijing Shougang will issue 2.81 billion shares to Shougang Group at RMB 4.29 per share.
Shougang shareholders had previously rejected a restructuring plan on June 25 this year.