The actual controller of Chongqing Iron and Steel has been changed to Baowu of China.

Published: Sep 16, 2020 17:07

Source: Chongqing Iron and Steel

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SMM: on September 16, Chongqing Iron and Steel announced that the company's former controller, Siyuan he Investment, transferred the partnership rights and interests of the Sanyuanhe Industrial Development Fund to Desheng Group. At the same time, the Sanyuanhe Industrial Development Fund was dissolved and 75% equity of longevity Iron and Steel was distributed non-cash to China Baowu and Desheng Group according to the proportion of actual contribution. China Baowu allocated a 40% stake in Longevity Steel and reached an action agreement with Zhanxin Fund to gain control of Longevity Steel, thus indirectly controlling 2.097 billion shares of the company, accounting for 23.51% of the company's total share capital. China Baowu became the actual controller of the company.

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Chongqing Iron and Steel Baowu

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