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Shandong Iron and Steel: Plans to transfer 32.8649% of Shanxin Software's equity to Shandong Steel Group
Shandong Iron and Steel Co., Ltd. (the “Company”) announcement: To further focus on the development of its steel business and optimize resource allocation, the Company plans to enter into an “Equity Transfer Agreement” with Shandong Steel Group. Under a non-public agreement, the Company will transfer its 32.8649% equity interest in Shanxin Software it holds to Shandong Steel Group.
This transaction constitutes a related-party transaction. The transaction price is RMB 181 million, the book cost is RMB 75.0629 million, and the transaction price is RMB 106 million higher than the book value.
After the transaction is completed, the Company will still be an important minority (strategic) shareholder of Shanxin Software.