Fangda Special Steel to take control of Steel Enterprise Investment

On July 21, Fangda Special Steel announced that it plans to negotiate with other partners of Nanchang Huxu Steel Industry Investment Partnership (Limited Partnership) to exit the partnership and acquire, through in-kind distributions and other means, control of Jiangxi Fangda Steel Group Enterprise Investment Co., Ltd., which is held by the partnership.

According to the announcement, the proposed transaction is expected to constitute a connected transaction. Based on preliminary assessments, it will also qualify as a major asset restructuring. The deal does not involve the issuance of new shares and will not result in any change to the company's controlling shareholder or actual controller. Fangda Special Steel stated that upon completion of the transaction, the company will take control of Steel Enterprise Investment.