Xinyu Steel unit bids for 51% of Xinyu Environmental

Xinyu Iron & Steel Co., Ltd. (SSE: 600782) announced its subsidiary, Jiangxi Xingang Environmental Protection Technology Co., Ltd., is bidding for a 51% stake in Xinyu Zhongye Environmental Resources Development Co., Ltd. ("Xinyu Environmental"). The stake, currently held by China Metallurgical Engineering Technology Co., Ltd., is being offered through a public listing on the Beijing Equity Exchange with a starting price of ¥151 million (approximately $21 million USD). If successful, the acquisition would increase Xinyu Steel's total ownership in Xinyu Environmental to 85%, making it a consolidated subsidiary. The move aims to strengthen Xinyu Steel's position in the waste treatment sector and boost its environmental protection efforts. The transaction is not considered a major asset restructuring and does not require shareholder approval. The outcome and final price remain uncertain.