Qinghai Province-based Chinese steelmaker Xining Special Steel Co. has announced that it has received approval for its planned issue of not more than 511.335 million A shares from the State-owned Assets Supervision and Administration Commission (SASAC) of Qinghai Province. In particular, Xining Special Steel will raise RMB 500 million ($81.8 million) from its own resources to purchase many of the shares in question. The remaining money raised by the share issue will be invested to support the company's steel rolling projects.
Source:
http://www.steelorbis.com/steel-news/latest-news/xining-special-steel-gets-approval-for-share-issue-777670.htm
