JPMorgan Chase has raised its shareholding in Angang Steel Company Ltd, a subsidiary of Anshan Iron and Steel Group Corp, to 11.16% from 10.96% on 12 February.
On 12 February, JPMorgan Chase acquired 2.152 million H-shares in Ansteel at an average price of HK$8.57 apiece. Earlier, on 5 February JPMorgan Chase bought 2.158 million H-shares in Ansteel for HKD 7.51 apiece on average.
Meanwhile, Ansteel plans to issue no more than CNY 10 billion in corporate bonds to replenish working capital and to repay bank loans. The plan has been approved by the company’s shareholders, and is waiting for approval from the China Securities Regulatory Commission.
L.D.