China Steel Corp. completed the acquisition of 17.68% stake in Taiwan Rolling Stock Co. from Tang Eng Iron Works Co., Ltd..
June 29, 2015
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China Steel Corp. (TSEC:2002) agreed to acquire 17.68% stake in Taiwan Rolling Stock Co. from Tang Eng Iron Works Co., Ltd. (GTSM:2035) for approximately TWD 260 million on February 13, 2015. Under the deal, China Steel Corp. will acquire 24.6 million shares in Taiwan Rolling Stock at TWD 10.6 per share. In a related transaction, China Steel Corp. will acquire 60.8 million new shares in Taiwan Rolling Stock at TWD 10 per share. Upon completion of both the deals, China Steel Corp. will hold 55.69% stake in Taiwan Rolling Stock Co. The deal still needs approval by Board of Directors of Tang Eng Iron Works Co., Ltd. The deal has been approved by the Board of Directors of China Steel Corp.
China Steel Corp. (TSEC:2002) completed the acquisition of 17.68% stake in Taiwan Rolling Stock Co. from Tang Eng Iron Works Co., Ltd. (GTSM:2035) in June 2015.
TANG ENG IRON WORKS CO., LTD. is principally engaged in the manufacture and distribution of stainless steel products. The Companyâs stainless steel products portfolio consists of cold-rolled steel coils and hot-rolled steel coils, which are applied in industries such as food, chemical, household decorations, construction materials, electronics, motor vehicles and medical equipment, among others. The Company operates its business through two segments. The Stainless Steel segment is principally engaged in the manufacture of stainless steel products and sales to retailers. The Rail Vehicle segment is engaged in the manufacture and retailing of rail vehicles and other retail parts.
TANG ENG IRON WORKS CO., LTD. 
