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Hebei Iron & Steel Group bought Shijiazhuang Iron & Steel With RMB 1.9 billion

The announcement declared yesterday showed that Hebei Iron & Steel Group had reached an agreement on March 19th, 2010 that Shijiazhuang Iron and Steel group will sale 80% of its equities to Hebei Iron & Steel Group at a price of RMB1.9 billion.
Shijiazhuang Iron & Steel had sold 80% of its equities, of which 65% owned by CITIC Pacific and the remaining 15% held by Chung Fu Investment Co. CITIC Pacific is the agent for Chung Fu Investment Co which composed by some management members of Shijiazhuang Iron & Steel. And in the framework agreement, CITIC Pacific will sale 15% stakes of Shijiazhuang Iron & Steel held by Chung Fu Investment Co.
According to the announcement, the total amount of 80% equities of Shijiazhuang I&S is RMB1.9 billion, of which 65% owned by CITIC Pacific is RMB 1.5 billion.
According to the declaration, Hebei I&S and Hebei State Holding Listed Companies are both under control of Hebei SASAC.
CITIC Pacific said in the announcement that based on reasons of urban planning and environmental protection, a steel mill located in the center of Shijiazhuang owned by Shijiazhuang I&S must be moved out of the city. And CITIC Pacific thinks that it’s more appropriate for the government to be responsible for the moving work.
 
Reprinted from The China Ferroalloy Online
中金特钢  版权所有 2009