China Knowledge reported that Chongqing Iron & Steel Co Ltd a manufacturer and distributor of iron and steel products plans to buy all the assets related to the iron and steel base in Changshou District from its controlling shareholder Chongqing Iron and Steel.
The company said in a statement that it would pay the deal, valued at CNY 19.83 billion, by issuing nearly 2 billion A shares at CNY 3.14 apiece to Chongqing Iron and Steel and assuming CNY 10.73 billion of debt plus CNY 538 million of cash.
Chongqing Iron & Steel also said that it plans to raise about CNY 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 CNY 2.83 per share.
In 2011, the Changshou iron and steel base with an annual capacity of 6 million tonnes produced 3.69 million tonnes of steel products and generated CNY 16.18 billion in sales.
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