Shandong Province-based Rizhao Baoxin Mining Resources Co. and Hunan Province-based Baosteel Steel Process and Distribution Co., both subsidiaries of Shanghai-based Baoshan Iron and Steel Co. Ltd (Baosteel), plan to sell 51 percent and 49 percent of their shares respectively, valued at a total of RMB 41.85 million ($6.78 million ), as announced by Shanghai United Assets and Equity Exchange on May 6.
In 2012, Rizhao Baoxin Mining Resources achieved an operating revenue of RMB 93.18 million ($15.1 million), with a net loss amounting to RMB 1.99 million ($0.32 million). In the given year, Baosteel Steel Process and Distribution saw an operating revenue of RMB 326.84 million ($52.97 million) and a net profit of RMB 210,000 ($34,000).
Meanwhile, on May 5 Baosteel announced that as of May 2 this year, it has repurchased 807 million of its own shares, valued at RMB 3.85 billion ($624 million) and accounting for 4.6 percent of its overall shares.
