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Chongqing Iron & Steel Co Ltd Announces Completion Of Disposal Of 41% Equity Interest In San Feng Jingjiang Logistics


Friday, 28 Dec 2012 05:37am EST 

Chongqing Iron & Steel Co Ltd announced that the reference is made to the previous announcement of Chongqing Iron & Steel Company Limited (Company) regarding the Disposal of 41% equity interest in San Feng Jingjiang Logistics. On December 21, 2012, the Company received from Chongqing Iron & Steel (Group) Company Limited, the controlling shareholder of the Company, the approval documents-Yu Guo Zi No. [2012] 737 and Yu Guo Zi No.[2012] 739 issued by the State-owned Assets Supervision and Administration Commission of Chongqing in respect of the transfer of equity interests in San Feng Jingjiang Port Logistics Company Limited. As at December 26, 2012, the payment for the equity transfer regarding the Disposal was received in full. On December 26, 2012, San Feng Jingjiang Logistics completed the relevant registration procedures for industry and commerce change. In the afternoon of December 27, 2012, the Company received the Notice Letter on the Approval of Registration Change from Taizhou Jingjiang Administration for Industry and Commerce. All matters related to the equity transfer regarding the Disposal have been completed, and the corresponding accounting treatment will be reflected in the year 2012 in accordance with the Accounting Standards for Business Enterprises.