On October 13th, both NanGang Shares and Fosun International released

Published: Oct 16, 2023 18:52

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On October 13th, both NanGang Shares and Fosun International released announcements. On the same day, Nanjing Steel Group Co., Ltd. received the "Civil Mediation Book" issued by Jiangsu High People's Court, which stated that after mediation by Jiangsu High Court, the parties voluntarily reached an agreement: Jiangsu Shagang Group Co., Ltd. and Jiangsu Shagang Investment Holding Co., Ltd. voluntarily withdrew from the 60% equity transaction of Nanjing Nangang Steel Union Co., Ltd., and Nangang Group needs to pay compensation to Shagang Group and Shagang Investment.

This also means that the transaction of Fosun Group selling its NanGang Shares to CITIC Group is about to be completed, and Shagang Group will no longer participate. According to the previous announcement, this transaction needs to be completed before November 12th this year.

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