Stocks News
- Valin holders approve sale to Mittal
Date: 30-Mar-2007 Sources: (Shenzhen Daily)
SHENZHEN-LISTED steelmaker Hunan Valin Steel Tube & Wire Co. said Thursday its shareholders approved a plan to issue up to 520 million additional shares to Mittal Steel Co. and Valin Steel's parent via a private placement.
Mittal Steel will subscribe to 49.33 percent of the new shares in cash and Valin Group will buy the remaining 50.67 percent, also in cash, Valin Steel said in a statement. The shares will be sold at or above 4.47 yuan each, it said. Valin Steel's shares closed down 3.94 percent at 7.8 yuan (US$1.01).
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