China Minmetals to acquire MCC shares in non-cash transfer

China Minmetals Corporation plans to acquire 9,171,859,770 A-shares of Metallurgical Corporation of China (MCC) from its wholly-owned subsidiary, MCC Group, in a non-cash transfer. This represents 44.258% of MCC's total share capital. Following the transfer, China Minmetals will become MCC's direct controlling shareholder, while MCC Group's ownership will decrease to 4.918%. The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) will remain the ultimate controlling party. The transaction requires approvals from the Shanghai Stock Exchange and registration with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch. The deal involves no cash payment and aims to streamline the corporate structure and enhance control over MCC.