Baosteel Union announces share repurchase and dividend plan

Inner Mongolia BaoTou Steel Union (SSE:600010) announced plans to repurchase shares via centralized bidding, following a proposal from its Chairman, Zhang Zhaoxian. The repurchase will utilize the company’s own funds and specialized loan funds, with a total amount ranging from CNY 100 million to CNY 200 million. The repurchased shares will be canceled to reduce the company’s registered capital. The repurchase period will last for 12 months from the shareholder’s meeting approval date, and the repurchase price is capped at CNY 2.73 per share. The board has been authorized to manage the repurchase process, but the company cautioned about the risk of stock prices exceeding the cap and related regulatory changes. The company has secured a loan commitment from the Inner Mongolia branch of the Industrial and Commercial Bank of China for up to CNY 180 million to fund the repurchase.