ansteel will swap gbg to its sub co., page-2

Panzhihua Steel Wins Nod Down Under For Asset Swap

Wednesday 2011-02-16 16:34
February 16 -- Pangang Group Steel Vanadium and Titanium (000629) won the nod of the Australian Foreign Investment Review Board (FIRB) for its asset swap involving the Australian assets of its effective controller, Anshan Iron and Steel Group Corporation, reports yicai.com, citing a company filing.
The company filed in December 2010 that it plans to swap in a 100 percent stake in Angang Group Anqian Mining, a 100 percent stake in Angang Group Hong Kong (Holdings) and a 100 percent stake in Angang Group Investment (Australia) with all the steel related assets and businesses it owns.

After the asset swap is completed, Panzhihua Steel will become engaged in iron ore exploration, titanium concentrate extraction, the processing of vanadium and titanium products, and the research and application of deep-processed vanadium and titanium products.