en.Wedoany.com Reported - Companies under China Baowu, including Maanshan Iron & Steel and ST Bayi Iron & Steel, disclosed in announcements on May 27 that, except for Bayi Iron & Steel, the 16 shareholders of Baowu Water Technology Co., Ltd. (including China Baowu, Baoshan Iron & Steel, Maanshan Iron & Steel Group, etc.) intend to transfer their combined 96.48% stake in Baowu Water to the group's subsidiary, Baowu Group Environmental Resources Technology Co., Ltd. (hereinafter referred to as Baowu Environmental Resources), as a capital increase contribution. After the transfer, these dispersed equity interests will be fully consolidated under Baowu Environmental Resources.

The announcement shows that the appraised value of Baowu Water is RMB 3.618 billion. The 16 shareholders will use their 96.48% stake in Baowu Water, valued at RMB 3.491 billion, to increase the capital of Baowu Environmental Resources. Upon completion of the capital increase, the registered capital of Baowu Environmental Resources will increase from RMB 712 million to RMB 1.044 billion. Bayi Iron & Steel intends to waive its right of first refusal for the Baowu Water equity, and its stake in Baowu Water will remain at 3.520%.

After this capital increase is completed, Baowu Environmental Resources will hold a 96.480% stake in Baowu Water, forming a unified water asset operation entity at the group level. Baowu Environmental Resources' main businesses include solid waste treatment, soil pollution control and remediation services, soil environmental pollution prevention and control services, soil and site remediation equipment manufacturing, specialized environmental protection equipment manufacturing, specialized environmental protection equipment sales, eco-environmental material manufacturing, eco-environmental material sales, renewable resource recovery (excluding productive scrap metal), productive scrap metal recovery, renewable resource processing, air pollution control, noise and vibration control services, water pollution control, and water environmental pollution prevention and control services.

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