Source - RNS
RNS Number : 8309K
BAO-Trans Enterprises Limited
26 September 2016


(the Issuer)

(incorporated with limited liability in Hong Kong)

500,000,000 1.625 per cent. Bonds due 2018

(the Bonds)

(ISIN: XS1181873776)


Announcement - Strategic Reorganisation of Baosteel Group Corporation


We refer to our announcement dated 28 June 2016 in relation to the strategic reorganisation of Baosteel Group Corporation (the Baosteel Group) and Wuhan Iron and Steel (Group) Corporation. The Issuer was notified by Baoshan Iron & Steel Co., Ltd. (the Keepwell Provider), the shareholder of the Issuer and the keepwell and liquidity support provider of the Bonds, that Baosteel Group and the controlling shareholder of Wuhan Iron and Steel Co., Ltd., Wuhan Iron and Steel (Group) Corporation will undergo a joint reorganisation, which has been approved by the State-owned Assets Supervision and Administration Commission of the State Council. The name of Baosteel Group will be changed to ¡°China Baowu Steel Group Corporation Limited¡± (the China Baowu). Upon completion of the joint reorganisation, the China Baowu will become the controlling shareholder of the post-merger listed company (Baoshan Iron and Steel Co., Ltd.).


On 22 September 2016, the Keepwell Provider¡¯s Board of Directors Meeting approved the proposed merger of Wuhan Iron and Steel Co., Ltd. (the Wuhan Iron and Steel) through exchange of shares. The Keepwell Provider will remain and continue its operation while Wuhan Iron and Steel will be deregistered after completion of the reorganisation.


The Issuer does not consider the above event would have a material adverse effect on its normal business operation or the ability to meet its debt obligations. The implementation of the reorganisation mentioned above is subject to satisfaction of certain conditions and therefore the reorganisation is subject to uncertainty. Investors should consult with their independent advisor and/or legal counsel and exercise caution with respect to the trading of the Bonds. The Issuer shall disclose updated development of the above event in accordance with the relevant rules and regulations.


By order of the Board

Bao-Trans Enterprises Limited

LI Hui


Hong Kong, 26 September 2016

As at the date of this announcement, the Board of Directors of the Issuer comprises

JI Chao, ZHOU Bin and LI Hui.



Address:                   Flat A 49/F & L 50/F, Office Tower, Convention Plaza

1 Harbour Road, Wanchai, Hong Kong

Contact Person:        XIA Yili

Email address: [email protected]






This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.


This information is provided by RNS
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