With the continuous expansion of the production scale of China's steel industry, the supply of domestic smelting clean coal is becoming increasingly tense. Through investment in Pingdingshan Group, Wuhan Iron & Steel Co., Ltd. will strengthen its influence on upstream coal resources and restrict tight resources of steel production. To a greater degree of mitigation, it has a positive effect on the protection of the iron and steel industry.
Wuhan Iron and Steel Co., Ltd. announced yesterday evening that the company received the "Approved Approval of Non-public Offering of Wuhan Iron and Steel Co., Ltd." issued by the China Securities Regulatory Commission, and approved the company's non-public issuance of no more than 4.2 billion new shares.
According to the approval documents, the approval shall be valid within 6 months from the date of approval of the issuance. In other words, Wuhan Iron & Steel Co., Ltd. will solve the issue of the inversion price of the issue price and the stock market price in the next six months.
It is understood that on November 27, 2012, Wuhan Iron and Steel Co., Ltd. has thrown out plans for 4.2 billion shares of non-public offering of new shares. According to the preplan at the time, WISCO plans to acquire not more than 10 specific objects, including the controlling shareholder Wuhan Iron and Steel Group, to issue non-public A-shares not exceeding 4.2 billion shares and raising total funds not to exceed 15 billion yuan to acquire affiliates of Wuhan Steel Group. 100% equity of Wugang Mining, 100% equity of Wuhan Iron and Steel International Resources, 90% equity of Wuhan Iron & Steel Brazil, and limited 100% equity of Wuhan Iron & Steel (Australia), a subsidiary of Wugang International Trade.
The plan shows that the issue price will not be lower than the net assets per share audited by WISCO at the end of 2011, ie 3.51 yuan/share. However, today's stock price of Wuhan Iron and Steel shares closed at 2.08 yuan/share, setting a new record low.
It should be noted that the controlling shareholder Wuhan Iron and Steel Group has increased its holdings and overweight pledges to increase the “escort†for this time, but the stock price is still weak.
On October 25 last year, Wuhan Iron and Steel Group "submitted" promises that it will subscribe for no less than 30% of the amount of A-shares issued by Wuhan Iron and Steel Co., Ltd. this time, which is more than double the previously promised 10%. Moreover, Wuhan Iron and Steel Group stated that, within 3 years after the completion of the acquisition, if Wuhan Iron and Steel Co., Ltd. makes provision for impairment of the equity of the proposed acquisition of mining assets, the Group will make cash in the form of cash in the 15th day of the annual financial report of the company in this year. The amount of the depreciation reserve was made up in full by WISCO.
Wuhan Iron and Steel Co., Ltd. announced yesterday evening that the company received the "Approved Approval of Non-public Offering of Wuhan Iron and Steel Co., Ltd." issued by the China Securities Regulatory Commission, and approved the company's non-public issuance of no more than 4.2 billion new shares.
According to the approval documents, the approval shall be valid within 6 months from the date of approval of the issuance. In other words, Wuhan Iron & Steel Co., Ltd. will solve the issue of the inversion price of the issue price and the stock market price in the next six months.
It is understood that on November 27, 2012, Wuhan Iron and Steel Co., Ltd. has thrown out plans for 4.2 billion shares of non-public offering of new shares. According to the preplan at the time, WISCO plans to acquire not more than 10 specific objects, including the controlling shareholder Wuhan Iron and Steel Group, to issue non-public A-shares not exceeding 4.2 billion shares and raising total funds not to exceed 15 billion yuan to acquire affiliates of Wuhan Steel Group. 100% equity of Wugang Mining, 100% equity of Wuhan Iron and Steel International Resources, 90% equity of Wuhan Iron & Steel Brazil, and limited 100% equity of Wuhan Iron & Steel (Australia), a subsidiary of Wugang International Trade.
The plan shows that the issue price will not be lower than the net assets per share audited by WISCO at the end of 2011, ie 3.51 yuan/share. However, today's stock price of Wuhan Iron and Steel shares closed at 2.08 yuan/share, setting a new record low.
It should be noted that the controlling shareholder Wuhan Iron and Steel Group has increased its holdings and overweight pledges to increase the “escort†for this time, but the stock price is still weak.
On October 25 last year, Wuhan Iron and Steel Group "submitted" promises that it will subscribe for no less than 30% of the amount of A-shares issued by Wuhan Iron and Steel Co., Ltd. this time, which is more than double the previously promised 10%. Moreover, Wuhan Iron and Steel Group stated that, within 3 years after the completion of the acquisition, if Wuhan Iron and Steel Co., Ltd. makes provision for impairment of the equity of the proposed acquisition of mining assets, the Group will make cash in the form of cash in the 15th day of the annual financial report of the company in this year. The amount of the depreciation reserve was made up in full by WISCO.
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