Wuhan Iron And Steel Company Limited announces that the Hubei Provincial Government approves Hubei Province Investment Company to transfer 22.4 percent equities held Wuhan Iron And Steel Group Echeng Iron and Steel Co. to the company free of charge.
Wuhan Iron And Steel Company will own 100 percent equities in Echeng Iron and Steel after the deal is completed.
Echeng Iron and Steel launched a merger and acquisition in January 2005, and Wuhan Iron And Steel Group held 77.6 percent equities in it. Wuhan Iron And Steel Company took over the equities through a share placement in August 2009.
With a registered capital of CNY 4.998 billion, Echeng Iron and Steel grew assets to CNY 17.87 billion but incurred CNY 773 million net losses in 2012.