Banking News
- Baosteel Group plans ADR listing
Date: 27-Feb-2007 Sources: (Shenzhen Daily)
BAOSTEEL Group, China's largest steelmaker, plans to list American Depositary Receipts (ADRs), the China Business News reported yesterday.
The assets to be listed would include Bayi Iron and Steel, in which Baosteel Group agreed to acquire a controlling stake in January, the paper said. Baosteel Group, parent of Shanghai-listed Baoshan Iron & Steel Co., is set to invest 3 billion yuan (US$385.61 million) in Xinjiang Bayi Iron and Steel Group for a controlling 69.61 percent stake.
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