Sunday, 20 Feb 2011
According to China Finance & Economics news, Wuhan Iron & Steel Company limited allotting shares scheme was approved by China Securities Regulatory Commission recently. WISCO will issue new stocks of CNY 2.351 billion to original shareholders expecting to raise funds of no more than CNY 10.7 billion.
WISCO 10 billion raised funds will be mainly invested in three projects, including purchasing 77.6% shares of WISCO Echeng Steel Co Ltd, 100% shares of WISCO Powder Metallurgy Co Ltd and purchasing WISCO Minerals Co Ltd. pellets manufacturing equipment project as well as supplying circulating fund project.
WISCO stated that, after submitting allotment of shares application materials, according to auditing and advices from NDRC as well as deliberation of the 10th Meeting of the 5th Term of Board, the item about purchasing pellet manufacturing facilities which was planned to use raising funds of CNY 1.216 billion was not approved to be included in the commit money.
Therefore, WISCO reduced funds raise by getting allotment of shares. WISCO announced in October 2010 that it planned to reduce the raised funds from no than CNY 12 billion to no more than CNY 10.7 billion.
After the assets purchasing, WISCO will achieve 4 million tonnes of steel production capacity.
(Sourced from China Finance & Economics news)
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