Valin Iron Steel Mittal Steel Exit
The evening of August 2, in a major reorganization of assets suspension of Valin Iron & China Hot Dipped Galvanized Steel Sheet
announced that the company its second largest shareholder, ArcelorMittal intends to their holdings of 303 million shares (representing 10.08% of the company's total number of shares ) assigned to the state-owned Hunan innovative private investment funds (tentative name to the China Securities investment Fund Association for the record name, hereinafter referred to as "new fund").
August 2 the same day, the fund manager of the country's new fund, Shenzhen Qianhai long Bank Investment Fund Management Co., Ltd. (hereinafter referred to as "Shenzhen long silver"), have been on behalf of the new fund and ArcelorMittal signed a " share transfer agreement ", the subject of the transaction price of shares was set at 1.1 billion.
It is worth noting that the proposed transferee ArcelorMittal shares held by the country's new fund was established in August 2, the operating mode is contractual.
Simple changes in equity disclosed in the book, August 2, fund investors, fund managers new State Fund signed a "fund contract." Among them, the state-owned enterprises in Hunan Development Fund (Limited Partnership), Infrastructure Investment Group Co., Ltd. Hunan fund shares acquired for the obligation of contribution fund investors; Shenzhen long silver fund management company is legally established private equity fund manager, will represent the country the new fund and ArcelorMittal signed the "share transfer agreement", and in that contract funds to raise funds to pay the share transfer money this agreement.
The fund's investment objective, the pursuit of stable value fund assets, the existence of a period expiring on the date the Fund was established the day before the third anniversary date of the operation in the hermetic existence period.
Disclosure announcement, the fund manager of Shenzhen long silver was founded in November 2013, Beijing Bank Investment Holdings Co., Ltd. for a long time (hereinafter referred to as "Beijing long silver Holdings") holds 100% equity of Shenzhen long silver. The proportion of the single largest shareholder of Beijing long silver holding shares not exceeding 20%, and equity is more dispersed between shareholders acting in agreement not signed, therefore, no controlling shareholder and actual controller.
In the notice, Valin Iron & Steel explained, because undergoing a major reorganization of assets, the main industry from Valin Iron and Steel after the reorganization of the transition to "finance + green energy" will not be part of the core business Arcelor Mittal, Therefore, ArcelorMittal intends to hold the shares for sale.
According to public information, ArcelorMittal is the world's leading China Hot Dipped Galvanized Steel manufacturers, is headquartered in Luxembourg.
Hunan SASAC's as the most important platform for listed companies, Valin Iron & Steel is proposing transition Holdings platform through the acquisition of the controlling shareholder's financial assets. Recently, after the release of the restructuring plan, Valin Iron & Steel received the Shenzhen Stock Exchange on the restructuring of the inquiry letter, focusing on major asset restructuring plan meets the new regulations, as well as the specific circumstances of the underlying asset. Up to now, Valin Iron & Steel has not replied.