On August 24, CITIC Pacific Ltd, a Hong Kong-based conglomerate controlled by China's biggest state-owned investment company CITIC Group, announced that it has agreed to pay RMB 1.523 billion to acquire 100 percent equity interest in Approach Well, Perfect Future and the PRC Company, together with the related shareholder loans. These companies directly or indirectly own interests in the operating companies of Jiangsu Province-based Jiangyin Special Steel Plant and are all subsidiaries of CITIC Pacific.
CITIC Pacific said in its statement that, upon completion of the acquisition in question, the group will gain complete control of the investees, all being companies relating to Jiangyin Special Steel Plant, giving the group complete control to enhance its return on this investment.