It is reported that Western Mining revealed lately that it indirectly holds 19.67% interest of Xining Special Steel Corporation after purchasing 39.44% of Xining Special Steel Group.

As per report, before this requiring move, Western Mining has four big stakeholders, State-owned Assets Investment & Management Corp of Qinghai province, Western Mining, China Huarong Assets Management Corporation and China Construction Bank Corporation, holding 39.6%, 39.44%, 19.79% and 1.17% respectively.

Western Mining stated in its announcement that the board of directors has agreed to fund CNY 1.107 billion for the move, paying 40% at most of the total value as the prepayment, then 30% after getting approved by the stockholders meeting and State owned Assets Supervision and Administration Commission of Qinghai province, with the remaining settled up when the stock transfer gets registered in the industrial and commercial bureau.

(Source: Shanghai Securities News)