12 billion shares of Baoshan Steel to become tradable next week
14 August 2008
Baoshan Iron & Steel Co (Baoshan Steel), the listed arm of China's biggest steelmaker, will make 11.9 billion state-held shares available for trading from August 19, after the expiry of a three-year lockup period, Bloomberg reported. Baoshan Steel's state-owned parent, Baosteel Group Co, which owns the non-tradable shares, had made an agreement with minority shareholders in 2005 to keep the shares off the market for three years. Baoshan Steel will have about 17.5 billion tradable shares in total after the new shares become available, with 73.97% owned by Baosteel Group.