December 03, 2008

The overall listing of Pangang to be basically approved by SASAC

A high official from Panzhihua Iron & Steel Group revealed recently that State owned Assets Supervision Administration Commission has basically agreed the listing plan of Pangang.

As per report they are likely to hold the second board meeting before the end of April to make the specific plan. Once shareholders conference agrees the plan, the plan for Pansteel listed as a whole will be formally submitted to China Securities Regulatory Commission.

It is learned that the listing platform of Panfang Panzhihua New Steel and Vanadium Company Limited plans to buy assets of CNY 22.84 billion, net assets of CNY 2.32 billion. The net profit from January to June in 2007 of the company was nearly CNY 370 million.