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Baoshan Steel to Start $1.2 Billion Share Offering Next
Week
April 14 -- Baoshan Iron & Steel Co. plans to raise
about $1.2 billion selling shares to investors starting next week, moving
ahead with China's biggest domestic offering in more than two years as the
Shanghai stock market hovers near a six-year low.
The listed unit of the world's sixth-biggest steelmaker will begin marketing
2 billion shares on April 20, according to a share- sale document obtained
by Bloomberg News. The company is selling a total of 5 billion shares to
fund the purchase of assets from parent Shanghai Baosteel Group, which will
take up 60 percent of the offer.
Baoshan Steel's share offer may test investor demand in a market that was
the world's second-worst performer last year. The company announced the
share offer in August, before China's government imposed a five-month
suspension on stock sales amid the market slide.
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