Henan Province-based Chinese steelmaker Zhongyuan Special Steel Co., Ltd (Zhongyuan Special Steel) has announced that its controlling shareholder China South Industries Group Co. plans a free transfer of its stake in Zhongyuan Special Steel to China Oil And Foodstuffs Corporation (COFCO). The plan has received approval from the State-owned Assets Supervision and Administration Commission (SASAC). After the free transfer, 339.115147 million shares in Zhongyuan Special Steel held by China South Industries Group will belong to COFCO, equivalent to a 67.42 percent stake in Zhongyuan Special Steel. The aim of the transfer of shares is to promote the optimal usage of state-owned resources. The transfer still needs approval from the China Securities Regulatory Commission (CSRC).