New issue to gain Angang group listing

Shenzhen-listed Angang New Steel Co Ltd said its board approved an 8-for-10 rights issue open to all shareholders and an additional issue for controlling shareholder Anshan Iron and Steel Group (Angang Group) of up to 3bn shares priced at up to RMB 3.5. Angang New Steel said proceeds raised from the issues would be used to acquire Angang New Iron and Steel Co Ltd, held by the Angang Group, after which the entire iron and steel business of the Angang Group will be listed.