ArcelorMittal dumps stake in Hunan Valin
By Yang Ziman | China Daily | Updated: 2016-08-04 07:48
Indian multinational steel giant ArcelorMittal has transferred 1.1 billion yuan ($165.9 million) worth of shares in Hunan Valin Steel Co Ltd to a Chinese fund, citing Valin's main business shift from steel to finance.
ArcelorMittal signed an agreement with Shenzhen Qianhai Eagle Fund Management Co Ltd on Tuesday for the sale of its 304 million A shares.
The shares will be held by China Reform Fund managed by Shenzhen Qianhai Eagle Fund. The shares account for 10.08 percent of the total shares of Valin.
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