Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  JIANGSU SHAGANG CO.,LTD.    002075   CNE000001P11

JIANGSU SHAGANG CO.,LTD.

(002075)
  Report  
SummaryNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

JIANGSU SHAGANG : Chinese steel maker picks additional 24% stake in Global Switch ahead of IPO

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/27/2019 | 01:52pm EDT

(Reuters) - Chinese steel maker Jiangsu Shagang Group Co Ltd bought a further 24% stake in Global Switch Holdings for 1.8 billion pounds ($2.21 billion), making it the largest shareholder with a 49% stake, the UK-based data centre operator said on Tuesday.

Global Switch, which is moving towards an IPO, said the Shagang Group confirmed there will be no changes to the company's strategic direction, management or financial and operational policies.

Shagang Group representatives, He Chunsheng, Nie Wei and Shen Qian, will be appointed to Global Switch's board as non-executive directors, while its CEO and finance chief will remain as executive directors of the company.

The additional stake was acquired from Aldersgate Investments Limited, a Reuben Brothers company. Simon Reuben and Alexander Bushaev, representatives of Aldersgate Investments, will leave the Global Switch board.

"This follow-on investment by Shagang Group is also a further endorsement of our strategy and the exciting future at Global Switch as we move towards an IPO on a major international stock exchange," Global Switch Chief Executive Officer John Corcoran said.

Global Switch has chosen CLSA, Goldman Sachs and JPMorgan as sponsors for its Hong Kong initial public offering (IPO) of up to $1 billion, Reuters reported (https://in.reuters.com/article/us-global-switch-ipo-banks/uk-data-center-operator-global-switch-picks-banks-for-1-billion-hk-ipo-sources-idINKCN1QI459) earlier this year.

Bankers in Asia are betting on newly-listed companies returning to the markets for fresh capital as last year's flood of initial public offerings (IPOs) slow to a trickle, with 2019 seeing the weakest start in equity sales in three years.

Global Switch said there will be no change to financing arrangements as a result of the deal.

Founded in 1998, Global Switch operates 12 data centers across Europe and Asia, including in Hong Kong and Singapore.

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Shailesh Kuber)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on JIANGSU SHAGANG CO.,LTD.
08/27JIANGSU SHAGANG : Chinese steel maker picks additional 24% stake in Global Switc..
RE
08/22China Baosteel's first half net profit plunges on high raw material prices
RE
07/05China's top steel mills create group to probe surging iron ore prices - docum..
RE
06/22JIANGSU SHAGANG : cuts rebar prices as sales slow
AQ
04/26China's industrial profits pick up in March with 13.9 percent rise
RE
2018JIANGSU SHAGANG : China to remove 11 steel companies from qualified enterprise l..
RE
2018With steel waste in crosshairs, China extends its war on pollution
RE
2018China's industrial profits growth slows for fifth month as orders wane
RE
2018China's industrial profits growth slows for fifth month as orders wane
RE
2018China's July industrial profit growth cools for third straight month
RE
More news
Financials (CNY)
Sales 2017 -
EBIT 2017 -
Net income 2017 -
Debt 2017 -
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018 -
Capi. / Sales2017 -
Capi. / Sales2018 -
Capitalization 17 698 M
Chart JIANGSU SHAGANG CO.,LTD.
Duration : Period :
JIANGSU SHAGANG CO.,LTD. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
 
Mean consensus -
Number of Analysts
Average target price
Last Close Price 8,02  CNY
Spread / Highest target -
Spread / Average Target -
Spread / Lowest Target -
EPS Revisions
Managers
NameTitle
Ying Chen General Manager
Gui Zhi Lian Chairman-Supervisory Board
Chun Sheng He Chairman
Zhao Bin Zhang Chief Financial Officer
Ying Ming Zhuang Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
JIANGSU SHAGANG CO.,LTD.2 501
BAOSHAN IRON & STEEL CO.-3.85%19 673
CHINA STEEL CORPORATION--.--%11 717
EVRAZ PLC11.43%9 679
JSW STEEL LTD-22.85%7 654
BLUESCOPE STEEL LIMITED20.62%4 467