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Angang Steel soars after parent says to increase stake

Tue Oct 28, 2008 11:00pm EDT

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HONG KONG, Oct 29 (Reuters) - Shares in Angang Steel (0347.HK) (000898.SZ) soared 20 percent on Wednesday after its parent company said it would increase its stake in the listed firm.

The stock rallied 20.6 percent to HK$3.74 after opening at HK$3.50 on Wednesday.

Angang Steel Group, which owns a 67.3 percent stake in the company, said it would raise its stake in Angang Steel by 4.99 percent through the purchase of no more than 361 million Shenzhen-listed A shares over a 12 month period. (Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)



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