Baosteel union chairman proposes share repurchase plan

Inner Mongolia Baotou Steel Union (SSE:600010) announced that its chairman, Zhang Zhao, has proposed a share repurchase program to enhance shareholder value and stabilize the capital market. The proposed repurchase will involve buying back a portion of the company's A-shares through centralized bidding. The repurchased shares will be cancelled to reduce the company's registered capital. The proposed repurchase price will not exceed 150% of the average share trading price in the 30 trading days prior to the board's resolution and the total funds allocated for the repurchase will range from CNY100 million to CNY200 million, sourced from the company's own funds or self-raised funds. The repurchase period is expected to be within 12 months from the date the board approves the plan. The company stated that it will promptly formulate a feasible share repurchase plan and fulfill information disclosure obligations.