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[January 2006]
Luoyang Refractory Group Part of Cooperative Agreement
China's Refractories reports that Sinosteel, Luoyang State-owned Assets Supervision and Administration Commission (SASAC) and Luoyang Refractory Group Co Ltd (Luonai Group) have signed a Cooperation Frame Agreement and Stock Transfer Agreement.
According to the terms of the agreement, Luoyang SASAC transferred 54% of shares in Luonai Group (69% of the total) to Sinosteel for free. Along with the Cooperation Frame Agreement, Sinosteel also entered into a Trusteeship Agreement of Share-Holding with Luoyang SASAC which stipulates that Luoyang SASAC would relegate the remaining 15% shares to Sinosteel after the transfer.
Both parties promised to sign another Transfer Agreement of State-Owned Shares for free. Sinosteel will take its advantage in management, market, technologies, financial, personnel and other areas and adopt the industrial development policy in China.
At the same time, it will also accelerate the development of related industries in Luoyang in Henan Province - or an even larger region - and make its own contribution to the regional economic prosperity.
ENDS