The most popular three steel Minguang trusteeship

2022-08-04
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Three steel Minguang trusteeship "remote refueling" of Sinosteel Angang restructuring

three steel Minguang trusteeship "remote refueling" of Sinosteel Angang restructuring

China Construction Machinery Information

Guide: three steel Minguang announced today that it will focus on the development of key materials for integrated circuits in the new generation of information technology The board of directors of advanced semiconductor materials and new display materials Co., Ltd. foreshadowed the next acquisition of this part of the equity by trusteeship of the 32% equity of China International Iron and Steel Products Co., Ltd. (hereinafter referred to as Sinosteel) held by metallurgical holdings. Information shows that Sinosteel is a Sino foreign joint venture established in 1984

three steel Minguang announced today that the board of directors of the company has set the stage for the next acquisition of this part of the equity by trusteeship of the 32% equity of China International Iron and Steel Products Co., Ltd. (hereinafter referred to as "Sinosteel") held by metallurgical holdings

according to the data, Sinosteel is a Sino foreign joint venture established in 1984. Among them, Xiaojiao rolling mill of Fujian Sanming Iron and steel works invested US $6.88 million, accounting for 43%; Metallurgical holdings contributed US $5.12 million, accounting for 32%; Ziclink Int l Inc. contributed USD 4million, accounting for 25%. The company's main production process equipment includes one high-speed wire rod production line and one high-quality bar production line, with an annual production capacity of about 1.2 million tons (including 800000 tons of high-quality bars and 400000 tons of high-speed wires). Its main products are fashionable appearance, dynamic wire rod, round steel, deformed steel, etc

2010, Sinosteel produced 359400 tons of wire rod, 11800 tons of round steel and 414200 tons of deformed steel; The main business income was 2.547 billion yuan and the total profit was 12.2547 million yuan. As of December 31, 2010, the equipment was able to work normally within the scope. The total assets of Sinosteel were RMB 1.834 billion and the net assets were RMB 76million

the custodian of this equity custody is metallurgical holdings, which now holds 94.49% of the equity of Sangang group, the controlling shareholder of Minguang of Sangang. Minguang of Sangang said that this trusteeship is to avoid horizontal competition between metallurgical holding and the company due to its participation in Sinosteel, and at the same time, it is conducive to give full play to the synergy, consolidate the company's regional leading position and market share in the Fujian iron and steel industry, and prepare for the company to choose the opportunity to acquire the 32% equity of Sinosteel held by metallurgical holding

according to the announcement, the term of this equity trusteeship is from January 1, 2011 to the date when metallurgical holdings transfers 32% of the equity of Sinosteel to Minguang of San steel. The tentative trusteeship fee for 2011-2012 is 300000 yuan per year

1 month ago, Minguang of Sangang disclosed that Sangang group, the controlling shareholder of the company, planned to cooperate with Angang Group for restructuring, and the restructuring plan has been reported to the Ministry of industry and information technology. Once the plan is approved and implemented, the actual controller of Minguang of Sansteel will be changed from metallurgical holding to Angang Group

before that, the state owned assets supervision and Administration Commission of Fujian Province had merged the equity of steel enterprises in Fujian Province. At the end of 2009, 54% of the equity of San'an iron and steel held by metallurgical holdings was transferred to San'an iron and Steel Group free of charge; At the beginning of this year, the state owned assets supervision and Administration Commission of Fujian Province transferred all the equity of Sangang group to metallurgical holdings, which became the actual controller of Minguang of Sangang. As the business of San'an iron and Steel Co., Ltd. overlaps with that of min'guang of San steel Co., Ltd., in April, 2010, min'guang of San steel Co., Ltd. had entrusted 53.9733% of the equity of San'an iron and Steel Co., Ltd. held by San steel group, making preparations for the acquisition of this part of equity at the right time

from this point of view, the equity of Sinosteel held by Minguang trusteeship metallurgical Holding Co., Ltd. is also an important prelude to the restructuring of Angang Group

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