Russia's Evraz PLC agreed to sell its 15.04% stake in Chinese steel producer Delong Holdings Ltd. for US$91.7 million to Best Decade Holdings Ltd.
The company, which plans to use the proceeds for general corporate purposes, said June 1 that the average price per share amounts to S$7.42, which represents a 65% premium over the current market price.
Evraz posted a year-over-year drop in crude steel production for the first quarter to 3.4 million tonnes from 3.7 million tonnes due to severe weather and limited supplies of iron ore.
As of May 31, US$1 was equivalent to S$1.34.
