Xinyu Iron & Steel gets loan for stock increase

Xinyu Iron & Steel (SSE:600782) announced its controlling shareholder, Xinyu Iron & Steel Group, will use a loan to fund further stock increases. The group obtained a loan commitment from the Agricultural Bank of China for up to 166 million yuan, earmarked specifically for increasing its stake in Xinyu Iron & Steel. This revises the original plan, initially funded by company funds. Previously, Xinyu Iron & Steel Group increased its holdings by 3,031.73 million shares, representing 0.96% of the company's total share capital, spending 113.99 million yuan, between August 23, 2024, and March 19, 2025. The loan has a term of 3 years. The company cautioned that the amount of stock bought depends on the loan contract and market conditions, and they committed to publishing updates on the share purchase.