Hebei Province-based Chinese company Xuanhua Construction Machinery Co. has announced that approval has been received from Hebei provincial authorities for the transfer of 100 percent of shares in its shareholder Hebei Xuangong Machinery Development Co. (Xuangong Development) to major Chinese steel producer Hebei Iron and Steel Group.
After the transaction, Hebei Iron and Steel Group will hold 70.37 million shares in Xuanhua Construction Machinery, equivalent to 35.54 percent of total shares.