Shanghai Evening Post reported that Angang Group again made an about CNY 1.6 billion buying in for shares of the three listed companies of Panggang Group in the public market during August 18th to September 9th pushing its shareholding percentage of the three listed companies from the same 5.09% up to the same10%.

As per report, this buying in saves Angang Group about CNY 0.8 billion since Angang Group acts as the cash payer for Panggang Group full listing that Pangzhihua New Steel & Vanadium Co Ltd will carry out share exchange with the other two listed company, leading the full listing of the group and Angang gives cash support for the share exchange.

Angang Group explained that the move of buying in shares at the time, when the share prices fell down below the exchange price, was to save the cost for share exchange. And, the group is likely to continue the purchasing at the right time in the future 12 months.

During Augusts 18th to September 9th Angang Group purchased 161.21 million shares of Panzhihua New Steel & Vanadium Co Ltd at the average price of CNY 7.83 per share, 9.2 million shares of Chongqing Titanium Industry Co Ltd at average price of CNY 11.59 per share and 37.04 million shares of Sichuan Changcheng Special Steel Co Ltd at average price of CNY 5.38 per share.

Thus, the group might pour CNY 1.568 billion in this purchasing. In addition, the group once spent about CNY 1.7 billion in gaining 5.09% shares of Panggang Gourp before August 14th.

(Sourced from Shanghai Evening Post)