Shanghai-based Chinese steelmaker Baoshan Iron & Steel Co. Ltd.(Baosteel) has announced that its controlling shareholder Baosteel Group plans to voluntarily transfer 800 million shares in Baosteel to China’s state-owned China National Petroleum Corporation (CNPC).
Accordingly, after the transfer of the shares, Baosteel Group will hold 12.33 billion shares in Baosteel, while CNPC will hold 800 million shares in Baosteel, accounting for 74.88 percent and 4.86 percent of the total equity of the company in question, respectively.