Fujian Province Industrial Group acquires Sansteel MinGuang stake

Fujian Province Industrial Holding Group has announced an acquisition report detailing its indirect acquisition of a 58.15% stake in Sansteel MinGuang Fujian (SZSE:002110). The acquisition stems from a no-cost transfer of shares in Fujian Metallurgical Holding from the Fujian State-owned Assets Supervision and Administration Commission (SASAC). This transfer makes the Fujian Province Industrial Holding Group an indirect controlling shareholder of Sansteel MinGuang. The transaction does not involve cash consideration and will not result in a change of Sansteel MinGuang's ultimate controlling party, which remains the Fujian SASAC. The deal is subject to regulatory approvals, including registration with government market supervision authorities for the change in equity holder of Fujian Metallurgy.