Nanjing Iron & Steel Group Co., Ltd. signed an agreement to acquire 93.3% stake in Suqian Nangang Jinxin Steel Rolling Co., Ltd. from Nanjing Iron & Steel Co., Ltd. for approximately CNY 330 million.
December 22, 2020
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Nanjing Iron & Steel Group Co., Ltd. signed an agreement to acquire 93.3% stake in Suqian Nangang Jinxin Steel Rolling Co., Ltd. from Nanjing Iron & Steel Co., Ltd. (SHSE:600282) for approximately CNY 330 million on December 22, 2020. Under the terms of transaction, Nanjing Iron & Steel Co will pay 30% of the transfer price within 5 days of signing of contract and 50% of consideration amount will pay in next 5 working days of completion and remaining 20% Within 6 months from the transfer completion date. Nanjing Iron & Steel Co., Ltd. received CNY 273.5 million as of December 25, 2020. As of September 30, 2020, the Suqian Nangang had total assets of CNY 742 million. For Year ended December 31, 2019, Suqian Nangang had revenue and net profit as CNY 1.7 billion and CNY 55.4 million respectively. The transaction is approved by the Board of Directors of Nanjing Iron & Steel Co., Ltd on December 22, 2020.
NanJing Iron & Steel Co Ltd is a China-based company mainly engaged in smelting and processing of ferrous metal products and sale of steel, steel billets and other metal materials. The Company's main products include steel plates, steel bars, steel wires, strip steel products, profile steel products, defective steel products, scraps and steel billets, among others, which are used in various industries, such as petroleum and petrochemical, engineering machinery, ship building, rail transportation, high-rise buildings, automobiles, bridges, marine engineering, wind power, nuclear power and hydropower. The Company distributes its products mainly in East China and overseas market.
Nanjing Iron & Steel Group Co., Ltd. signed an agreement to acquire 93.3% stake in Suqian Nangang Jinxin Steel Rolling Co., Ltd. from Nanjing Iron & Steel Co., Ltd. for approximately CNY 330 million.