It is reported that the eye catching great assets replacement and related transaction issue with Pangang Group Steel Vanadium& Titanium was approved with predominant favorable ballot in the general meeting of shareholders. This means the company has made a further step toward its transformation destination an iron ore-based resource type listed company.

Last December, Pangang V & Ti announced great asset consolidation plan. According to it, the company will sell all its steel related assets to Anshan Iron and Steel Group and the latter will sell some of its shares to the former as an exchange including 100% of Anqian Mining Co Ltd, 100% of Angang Group Hong Kong Holdings and 100% of Angang Group Investment PTY LTD.

The consolidation plan got universal agreement of the market and since its relisting at the end of last year its share price has rose from about CNY 9 to about CNY 14 per share.

(Sourced from Shanghai Securities News)