SteelOrbis reported that on December 19 Hubei Province based Chinese steel producer Wuhan Iron and Steel Group announced that it will increase its investment in Chinese coal mining company China Pingmei Shenma Group by CNY 600 million.
The CNY 600 million will translate into an increase of RMB 446 million in registered capital and therefore the total registered capital of China Pingmei Shenma Group will rise from CNY 18.49272 billion to RMB 18.939480 billion
With this investment WISCO will hold a 11.92% stake in China Pingmei Shenma Group compared to the previous 9.79%
China Pingmei Shenma Group is one of the largest producers of coking coal and thermal coal in China.
Source:
http://www.steelguru.com/chinese_news/WISCO_increases_investment_in_China_Pingmei_Shenma_Group/295922.html
