On December 19, Hubei Province-based Chinese steel producer Wuhan Iron and Steel Group (WISCO) announced that it will increase its investment in Chinese coal mining company China Pingmei Shenma Group by RMB 600 million ($96 million).
The RMB 600 million will translate into an increase of RMB 446 million ($71 million) in registered capital, and therefore the total registered capital of China Pingmei Shenma Group will rise from RMB 18.49272 billion ($2.964 billion) to RMB 18.939480 billion ($3.035 billion).
With this investment, WISCO will hold a 11.92 percent stake in China Pingmei Shenma Group, compared to the previous 9.79 percent.