Shandong Iron and Steel to Take Custody of Parent's Subsidiary

MT Newswires Live07-10

Shandong Iron and Steel (SHA:600022) agreed to take custody of 100% of the equity of Shandong Iron and Steel Group International Trade from controlling shareholder Shandong Iron and Steel Group, according to the company's disclosure on the Shanghai Stock Exchange.

The Chinese steelmaker will receive a custody fee of 250,000 yuan in the first year and it will increase to 500,000 yuan in the following years.

The trusteeship period is from the date the agreement takes effect to when the target company is either sold or deregistered or when the two parties agree to terminate the agreement, the Wednesday disclosure noted.

Price (RMB): Â¥1.23, Change: Â¥+0.01, Percent Change: +0.82%

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