Angang Steel's major shareholder to increase A-share holdings

Anshan Iron and Steel Group, the controlling shareholder of Angang Steel (SZSE:000898), intends to increase its holdings of Angang Steel's A-shares. The move, according to the announcement, reflects confidence in Angang Steel's future prospects and a commitment to safeguarding shareholder value and market stability. The planned investment will total between CNY 100 million and CNY 200 million. The company will use a centralised competitive trading to acquire shares within the next 6 months. As of the announcement date, Anshan Iron and Steel holds 5,016,111,529 A-shares, representing 53.54% of Angang Steel's total share capital. Anshan Iron and Steel has pledged not to reduce its holdings during the increase and within the statutorily required period.