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Baosteel 10b yuan convertible offer approved

(Agencies)
Updated: 2008-05-28 14:14

Baoshan Iron & Steel Co said on Wednesday that it had received approval from the securities regulator to offer up to 10 billion yuan ($1.4 billion) of six-year convertible bonds.

China's biggest listed steel maker said it would complete the offer within six months. It originally announced the plan for the offer last December, to help fund an expansion of production capacity and the purchase of assets from its parent group.