It is reported that Valin Steel has announces to unite its steel pipe companies in Hengyang, Hunan aiming to neaten its pipe assets and consolidate the administration of the assets.
As per report, Valin Steel plans to reset its owned 68.52% stake of Hengyang Valin MPM Co Ltd evaluated at CNY 1.5 billion into Hengyang Valin Steel Tube Co Ltd whose net assets per share is evaluated at CNY 1.45.
As a result, Valin Steel will see its owned stake of Hengyang Valin Tube Co Ltd increase to 67.13% and become the first shareholder while Hengyang Valin MPM Co Ltd will come to be the sole subsidiary of Hengyang Valin Tube Co Ltd.
Hengyang Valin Steel Tube Co Ltd is a JV of Valin Steel, China Huarong Asset Management Corp and China Orient Asset Management Corp, and mainly engages in pipe production for oil and high pressure boiler industries.
(Sourced from MySteel.net)
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