Anhui Province-based Chinese steelmaker Magang Group has stated that its subsidiary Maanshan Iron & Steel Co., Ltd (Masteel) plans to acquire 11 percent of shares in Maanshan Iron & Steel (Hong Kong) Co., Ltd from Magang Group. Magang Group holds a stake of approximately 50.47 percent in Masteel.
The 11 percent stake in Maanshan Iron & Steel (Hong Kong) Co. is worth an estimated RMB 17.04 million ($2.82 million). The transaction is expected to help Masteel to develop its international trade and financing business.
After the completion of the deal, Masteel and Magang Group will respectively hold 91 percent and nine percent stakes in Maanshan Iron & Steel (Hong Kong) Co. The Hong Kong-based company specializes in trading of finished steel and iron ore, and in shipping services.
