5 companies such as LAIWU Steel shares 1.6 billion set up finance company

Announced the reorganization plan soon the Laiwu Steel shares (600102) announced today, the company and Shandong Iron and Steel Group Co., Ltd., Jinan Steel Group Co., Ltd., Shandong Golden Ridge Mining Co., Ltd., China Xinda Asset Management Co., Ltd. Joint investment in the formation of Shandong Iron and Steel Group Finance Co. The registered capital of the new finance company is 1.6 billion yuan. Among them, the Shan Steel group contributed 1.08 billion yuan, accounting for 67.5%, Jigang group 170 million, accounted for 10.625%, Laiwu Steel shares 170 million yuan, accounting for 10.625%, jinling Mining capital of 100 million yuan, accounting for 6.25%, China Xinda Investment 80 million yuan, accounting for 5%.　　The investors are funded by their own capital cash and are guaranteed to pay their contributions in full and on schedule. Laiwu Steel shares said joint venture financial company is to achieve diversification of the company's investment, diversification of business risks, expand corporate financing channels, promote the efficiency of the use of funds and optimize the allocation of the company to promote sustainable and healthy development, at the same time for the company's future production project construction and other investment activities open up financing channels, reduce capital costs Because of the company and Jigang Group, jinling mining are direct or indirect control of Shan Gang group, so the establishment of financial companies constitute the company related transactions.