Copyright 2000 Asia Pulse Pte Limited

 

ASIA PULSE

 

September 21, 2000

 

SECTION: Nationwide Financial News

 

LENGTH: 282 words

 

HEADLINE: REORGANIZATION OF SHANGHAI SHAPED STEEL CO. APPROVED

 

DATELINE: BEIJING, Sept 21

 

BODY:

 

 The Ministry of Finance has officially endorsed the reorganization plan of the listed Shanghai Special Steel Tube Co., Ltd. (SSX: 600608) under the BaoSteel Group. 

 The company recently held its first interim general meeting of shareholders this year, deciding to purchase 99% of the shares of the Nanjing Sweet Data Teletext Co., Ltd. Thus the company will become a high-tech firm in the electronic telecommunications industry.

 Through the reorganization of assets this time, the company has thoroughly remoulded itself. The Shanghai No. 1 Steel Company, a corporate shareholder of the listed company, has transferred 35 million or 25.45% of the total corporate shares it holds to the Nanjing Sweet Group Company in May this year, making the Nanjing group the largest shareholder of the shaped steel company.

 The Sweet Data Teletext Company is an economic entity under the Sweet Group. The registered capital is 130 million yuan. The company mainly engages in the research, production and management of electronic and telecommunications equipment, computer information project and multimedia paging equipment. It has developed the DSC-128-512 dot-to-dot subscriber digital microwave system and CYS-120-960 glass fiber subscriber loop equipment.

 The Nanjing Sweet Group Company, now the largest shareholder of the listed company, has been defined as a key high-tech firm in the State Torch Plan and has opened a post-doctoral work station with the approval of the Ministry of Personnel. Under such an influence, the listed company will gradually shift from the traditional iron and steel industry to telecommunications and information industry.

 (XIC)

 

LANGUAGE: ENGLISH

 

LOAD-DATE: September 21, 2000