November 10 -- Laiwu Steel (600102.SH) and Jinan Iron and Steel (600022.SH) obtained approval from the China Securities Regulatory Commission for their planned restructuring of assets, reports yicai.com.

According to the restructuring plan released in May, Jinan Steel will absorb Laiwu Steel, and one share of Laiwu Steel can be exchanged for 2.43 shares of Jinan Steel.

Jinan Steel will also purchase assets from its parent, and the parent of Laiwu Steel, through a private placement.

Trading in the shares of Jinan Steel and Laiwu Steel had been suspended since November 4.

Shares of both companies resumed trading today, and shares of Laiwu Steel rose by its daily limit of 10.03 percent in morning trading.
 

Source:CapitalVue