Hebei go chaussure shox v't may retrieve stake in Shigang from CITIC Pacific

Hebei go chaussure shox v't may retrieve stake in Shigang from CITIC Pacific
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Hebei gov't may retrieve stake in Shigang from CITIC PacificPublished: 07 Jun 2009 19:10:24 PST

Top 5 News From ChinaKnowledge.comBAIC loses out to Magna in deal for GM's OpelChina's foreign trade likely to fall in H1Jinke Group to spend RMB 4.77 bln for backdoor listingCNPC, UMW Holdings' JV starts operation in QinhuangdaoAlcatel-Lucent to deploy 1st VDSL2 network for Guangdong TelecomJun. 8, 2009 (China Knowledge) - The Hebei provincial government is planning to retrieve the controlling stake in Shijiazhuang Iron and Steel from CITIC Pacific Ltd<0267>, the Standard reported, citing mainland media.

The Hebei government, which holds a 20% stake in the steel-to-property conglomerate, expects to obtain the controlling shareholding it sold to CITIC Pacific in 2005, said senior government officials, adding that the local government has contacted with Shijiazhuang Iron and Steel, which is also known as Shigang.

Currently, CITIC Pacific owns a 65% stake in Shigang.

Shigang, which is engaged in manufacturing steel products for the automotive industry, produced up to 1.7 million tons of steel products in 2008, 15% of which was for export. The company recorded a net loss of RMB 200 million last year, due to the global economic recession.

According to China Knowledge's earlier report, CITIC Pacific would invest RMB 15 billion in iron ore mining businesses, according to its chairman Chang Zhenming.

Chang said that the company would stick to its three core businesses, namely iron ore, special steel and property development.

In April, the company revealed plans to sell a 20% stake in a power plant in Inner Mongolia at a price of RMB 1.98 billion as part of its efforts to divest non-core businesses.

CITIC Pacific is the Hong Kong-listed arm of China's biggest state-owned investment company CITIC Group.


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