Angang Steel Co. Ltd. said Oct. 12 that its state-owned parent Angang Group plans to transfer a 8.98% stake, or 650,000,000 A shares in the listed unit, to China National Petroleum Corp., at no cost.
The move aims at strengthening strategic cooperation between Angang Group and PetroChina, the company said.
Upon completion, Angang Group's interest in the unit will be reduced to 4,218,547,330 shares, or a 58.31% stake. The dual-listed unit trades on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
The share transfer is still subject to approval from China's State-owned Assets Supervision and Administration Commission.
Previously, a strategic cooperation between China Baowu Steel Group Corp. Ltd. and PetroChina resulted in similar results, in which China Baowu transferred a 4.86% stake in Baoshan Iron & Steel Co. Ltd. to the petroleum producer in 2016.