Sansteel MinGuang sees change of indirect control

Fujian Province's State-owned Assets Supervision and Administration Commission (SASAC) is transferring its 80% stake in Fujian Metallurgical to Fujian Provincial Industrial Holdings Group, indirectly changing the control of Sansteel MinGuang (SZSE:002110). This is part of a strategic restructuring of state-owned enterprises, as Fujian Industrial Holdings Group consolidates Fujian Metallurgical, Fujian Textile, and Fujian Machinery and Electronics, to be directly managed by Fujian SASAC. Post-transfer, the Industrial Holdings Group will become the indirect controlling shareholder of Sansteel MinGuang, holding the equity through its stake in Fujian Metallurgical, which indirectly holds 58.15% of Sansteel MinGuang shares. The plan has been approved by the Fujian SASAC, and after shareholding changes, will not lead to actual changes to the current controllers and existing shareholders.