XiNing Special Steel Co., Ltd. signed an equity transfer agreement to acquire an additional 5.55% stake in Qinghai Xigang Property Co., Ltd. from CDB Development Fund Ltd. for CNY 10 million.
February 19, 2021
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XiNing Special Steel Co., Ltd. (SHSE:600117) signed an equity transfer agreement to acquire an additional 5.55% stake in Qinghai Xigang Property Co., Ltd. from CDB Development Fund Ltd. for CNY 10 million on February 19, 2021. As per the terms of the agreement, XiNing Special Steel Co., Ltd. shall pay CDB Development Fund Ltd within 10 working days after the agreement becomes effective, the total consideration to CDB Development Fund’s account. In September 30, 2020, Qinghai Xigang Property reported a total assets of CNY 2.7 billion and total common equity of CNY 982 million. The transaction was approved by the Board of Directors of XiNing Special Steel Co., Ltd.
XINING SPECIAL STEEL CO., LTD. is a China-based company principally engaged in the smelting and rolling processing of special steel products. The Company's principal products include alloy structural steels, alloy tool steels, carbon structural steels, bearing steels, spring steels, carbon tool steels, stainless steels, raw coals, lime stones, refined ferrous powder and cokes. The Company mainly operates its business in domestic market.
XiNing Special Steel Co., Ltd. signed an equity transfer agreement to acquire an additional 5.55% stake in Qinghai Xigang Property Co., Ltd. from CDB Development Fund Ltd. for CNY 10 million.