Fujian Sangang Minguang to see indirect control change

Fujian Industrial Holdings Group (FIHG) will indirectly gain control of Sansteel Minguang (SZSE:002102) through a no-cost transfer of shares from Fujian Metallurgical Holding Co., Ltd. The Fujian Provincial State-owned Assets Supervision and Administration Commission (SASAC) approved the transfer of 80% stake of Fujian Metallurgical to FIHG. Upon completion, FIHG will indirectly hold 58.15% of Sansteel Minguang's shares, but Sansteel Group will remain as the direct holding company and the FIHG has committed to maintain the independence of Sansteel. According to the legal opinion provided by Fujian Zhili Law Firm, the acquisition complies with relevant regulations and does not impede the process. FIHG also intends to follow the related regulation in this matter.