23
Sep
08:13
Magang sells OCI Chemical stake
Maanshan Iron & Steel (Magang) has decided to sell its 40% stake in Magang OCI Chemical to Magang Chemical Energy Technology (MCET). The latter will pay CNY 157.6 million ($23 million) for the stake within ten days from the effective date of the agreement, Kallanish notes.
Magang intends to use the funds to supplement general working capital. The company believes this will help gather resources and strengthen its main steel business.
Magang OCI Chemical …
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