Nanjing Iron & Steel Co., Ltd. signed an agreement to acquire unknown minority stake in Sunshine Insurance Group Company Limited from Shenzhen Linfeng Investment Holdings Co., Ltd. for CNY 1.4 billion.
August 03, 2021
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Nanjing Iron & Steel Co., Ltd. (SHSE:600282) signed an agreement to acquire unknown minority stake in Sunshine Insurance Group Company Limited from Shenzhen Linfeng Investment Holdings Co., Ltd. for CNY 1.4 billion on July 23, 2021. As per the transaction, Nanjing Iron & Steel Co., Ltd. will acquire 200 million shares. For year ended December 31, 2020, Sunshine Insurance Group Company Limited has reported total assets of CNY 405.5 billion, net assets of CNY 56.9 billion, operating profit of CNY 115 billion and net profit of CNY 5.7 billion. The Board of Directors of Nanjing Iron & Steel Co., Ltd. has approved the transaction.
NanJing Iron & Steel Co Ltd is a China-based company mainly engaged in smelting and processing of ferrous metal products and sale of steel, steel billets and other metal materials. The Company's main products include steel plates, steel bars, steel wires, strip steel products, profile steel products, defective steel products, scraps and steel billets, among others, which are used in various industries, such as petroleum and petrochemical, engineering machinery, ship building, rail transportation, high-rise buildings, automobiles, bridges, marine engineering, wind power, nuclear power and hydropower. The Company distributes its products mainly in East China and overseas market.
Nanjing Iron & Steel Co., Ltd. signed an agreement to acquire unknown minority stake in Sunshine Insurance Group Company Limited from Shenzhen Linfeng Investment Holdings Co., Ltd. for CNY 1.4 billion.