Bengang Steel to raise CNY more than CNY 3 billion in share offering
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Thursday, 19 May 2011
Reuters reported that China's Bengang Steel Plate Co has planned to raise CNY 3.77 billion in a non public share offering to buy back stakes in two related companies.
The firm said in a filing to the stock exchange that it would purchase its parent's 75% stake in Benxi Steel POSCO for CNY 1.55 billion. The firm also intends to use the proceeds for iron ore exploration.
(Sourced from www.reuters.com)
