Metal Products News
- Sinosteel obtains approval for listing
Date: 7-Dec-2007 Sources: (Shenzhen Daily)
SINOSTEEL Corp. received approval from the State Council for its initial public offering (IPO), a company official said Thursday.
The IPO plan still needs approval from the securities regulator, said the Sinosteel official, who declined to be named. He said the company is already making preparations for the share sale.
The China Securities Journal quoted Sinosteel president Huang Tianwen as saying Thursday that the company had obtained the State Council's approval for the IPO.
Sinosteel will fold its major operating assets into a listing vehicle, which will issue yuan-denominated A shares on the mainland, followed by an H-share sale in Hong Kong, the Shanghai Securities News said, quoting an unnamed company executive.
The executive did not provide financial details of the IPO, but the newspaper quoted previous media reports as saying it could raise US$1.5 billion.
Sales of Sinosteel, parent of Shenzhen-listed Sinosteel Jilin Carbon Co. and Sinosteel Anhui Tianyuan Technology Co., would hit 100 billion yuan (US$13.5 billion) by 2010, up from an estimated 80 billion yuan in 2008, the Shanghai Securities News said.
Sinosteel also signed a strategic cooperation agreement with Shanghai Baosteel Group, China's biggest steel producer by output, Sinosteel said in a statement posted on its Web site Thursday.
Baosteel and Sinosteel will cooperate on the supply of iron ore and chrome ore, ferroalloy and mining equipment, the statement said. The two firms will also work to develop local and overseas resources.
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