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00267 CITIC
RTNominal up7.690 +0.088 (+1.158%)
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25/10/2017 11:43

CITIC to buy Qingdao Special Steel from parent at Rmb127m

[ET Net News Agency, 25 October 2017] CITIC Limited (00267) said it agreed to acquire
the entire equity interest held by parent company CITIC Group Corporation in Qingdao
Special Iron and Steel Co., Ltd. at Rmb127 million.
CITIC will lend Rmb3 billion to Qingdao Special Steel to pay back its borrowings from
CITIC Group and its subsidiary, and it intends to collect Rmb2.93 billion from such loan
and re-inject into Qingdao Special Steel as registered capital.
Qingdao Special Steel is located at Dongjiakou, Qingdao to accommodate Qingdao Steel
Plant after its removal from its original site. Qingdao Special Steel became operational
in the end of 2015 and has a capacity to manufacture 3 million tonnes of quality steel per
annum. (HL)

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