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[Ferro-Alloys.com]

A few days ago, Citic Pacific Special Steel Group Co., Ltd. issued a notice that its subsidiary intends to participate in the bid for Shanghai Electric Group Steel Pipe Co., Ltd .40% stake.

According to the announcement, on December 7,2020, Shanghai Electric Corporation was listed on the Shanghai Stock Exchange to transfer its 40% stake in Shanghai Electric Group Steel Pipe Co., Ltd., with a base price of 400 million yuan.

CITIC Special Steel held the sixth meeting of the ninth board of directors and the fifth meeting of the ninth board of supervisors on January 4,2021, to consider and adopt the motion on the participation of subsidiaries in bidding for 40% stake in Shanghai Electric Group Steel Pipe Co., Ltd. CITIC Pacific Special Steel Economic and Trade Co., Ltd.

Electrical pipe is a platform company set up by Shanghai Electric to hold Tianjin Steel Pipe Manufacturing Co., Ltd. Its core assets are 51.02% stake in Tianjin Steel Pipe. Tianjin Steel Pipe inherited the original 3.5 million tons of seamless steel pipe capacity related core assets of Tianjin Steel Pipe Group Co., Ltd. In order to improve the strategic layout and seek rapid development, CITIC Special Steel intends to participate in the bidding process of this transaction with its own and self-financing through special steel economy and trade as the main body of bidding.