Dalian Jinniu to purchase property assets
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Dalian Jinniu Co Ltd<000961> has announced that it obtained approval on May 21 from the China Securities Regulatory Commission (CSRC) to purchase assets from Zhongnan Real Estate, a famous property developer in Jiangsu Province, through bond issuance, sources reported.
The approval will expire in 12 months and the average price for the bond issuance will be RMB 7.82 per share.
Dalian Jinniu, principally engaged in the smelting of special steels, as well as the rolling and processing of special steel products, will issue 474.5 million shares to Zhongnan Real Estate to acquire a 100% stake in each of eight property firms, an 80% stake in a property management firm and a 97.36% stake in a construction firm.
Dalian Jinniu will also issue 3.35 million shares to Chen Lin, the daughter of board chairman of Zhongnan Real Estate, to acquire a 2.64% stake in the firm.
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