Environmental Technology Firm to Invest $73.6 Million in Baotou Steel Unit
An environment technology business traded on China’s new Beijing Stock Exchange plans to acquire an energy unit of state-owned Baotou Iron and Steel Group (Baotou Steel), marking the first major asset acquisition filed with the fledgling bourse.
Beijing ZHTD Environmental Protection Technology Co. plans to spend 468 million yuan ($73.6 million) for a 34% stake in Baotou Steel Group Energy Conservation and Environmental Protection Technology Industry Co. Ltd., ZHTD disclosed Wednesday. The deal will include a 209 million yuan purchase of newly issued shares of the Baotou Steel unit and a 259 million yuan stake purchase from the current controlling shareholder, according to a ZHTD filing with the Beijing exchange.
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