Liaoning Province-based Chinese steelmaker Ansteel Group has announced that it plans to transfer 360 million shares in its listed subsidiary Ansteel to China Power Construction Corporation (Power China) for free, aiming to enhance the strategic cooperation between Ansteel Group and Power China and optimize the equity structure of Ansteel.
The 360 million Ansteel shares account for 4.98 percent of the company's total equity. After the transfer, Ansteel Group will hold a 53.33 percent stake in Ansteel.