Parent raises holding in Maanshan Iron & Steel

Maanshan Iron & Steel Co Ltd (Maanshan Steel)<600808><323>, the mainland's second-largest steelmaker, said late Wednesday its parent Magang (Group) Holding Co has raised its holdings in the company to 57.46% from 56.88%.

The steelmaker said in a statement filed with the Shanghai Stock Exchange that Magang bought in 39.10 million A-shares of Maanshan Steel on the secondary market, without giving the strike price.

On Sep. 12, Magang had lifted its stake in Maanshan Steel by 0.2% to 56.88% via the same operation.

Reportedly Magang had the option to further subscribe for no more than 2% of the company's enlarged capital within 12 months.

On Thursday, A-shares of Maanshan Iron & Steel closed 0.28% lower at RMB 3.51, while its H-shares soared 8.20% to HK$1.98.