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Beijing Shougang's parent to raise up to 6B yuan in convertible bonds

Beijing Shougang Co. Ltd. said on Jan. 23 that its parent Shougang Group plans to raise up to 6 billion Chinese yuan by issuing bonds that can be converted into shares in the listed subsidiary.

Shougang Group, which holds a 79.38% stake in the company, has not yet finalized details for the issue, but expects to complete it within the next 36 months.

As of Jan. 20, US$1 was equivalent to 6.88 Chinese yuan.