Controlling shareholder raises stake in Baoji Titanium

Published: 15 Jan 2009 02:15:55 PST

Jan. 14, 2009 (China Knowledge) - Baoji Titanium Industry Co Ltd<600456> said its controlling shareholder Baoti Group Co Ltd obtained approval from the China Securities Regulatory Commission (CSRC) to raise its stake in the company to 57.92% from the previous 52.926%.

Baoti Group will acquire up to 21.47 million shares in Baoji Titanium, accounting for approximately 4.99% of the latter's outstanding shares. The group will purchase the 21.47 million shares at up to RMB 15 apiece.

After the transaction, Baoti Group will hold up to 249.19 million shares in Baoji Titanium and won't reduce its shareholdings in the latter within 12 months after it obtained regulatory approval on the deal.

Shares of Baoji Titanium surged 7.57% to close at RMB 15.35 on Wednesday.

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