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Chongqing Iron & Steel to buy RMB 19.83 bln assets

May. 30, 2012 (China Knowledge) - Chongqing Iron & Steel Co Ltd<601005><1053>, a manufacturer and distributor of iron and steel products, announced yesterday that it plans to buy all the assets related to the iron and steel base in Changshou District from its controlling shareholder Chongqing Iron and Steel (Group).

The company said in a statement that it would pay the deal, valued at RMB 19.83 billion, by issuing nearly 2 billion A shares at RMB 3.14 apiece to Chongqing Iron and Steel (Group) and assuming RMB 10.73 billion of debt plus RMB 538 million of cash.

Chongqing Iron & Steel also said that it plans to raise about RMB 2.2 billion through a private placement to replenish its working capital. It will issue new A shares to not more than 10 investors at RMB 2.83 per share.

In 2011, the Changshou iron and steel base, with an annual capacity of 6 million metric tons, produced 3.69 million metric tons of steel products and generated RMB 16.18 billion in sales.

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