(Adds details, background)
March 14 (Reuters) - Fosun International Ltd will sell its 60%
stake in Nanjing Nangang Iron & Steel United Co Ltd to steel manufacturer
Jiangsu Shagang Group for 13.58 billion yuan ($1.98 billion), the Chinese
conglomerate said on Tuesday.
The divestment, which was first announced in October last year, will see
Fosun disposing its stake in Nanjing Nangang, held via its subsidiaries, to
realise a gain of 830 million yuan.
The remaining 40% stake in Nanjing Nangang is held by Nanjing Iron &
Steel Group.
Separately, Fosun announced that it will buy a near 30% stake in Chinese
chemicals producer Zhejiang Wansheng for 2.65 billion yuan.
In recent times, Fosun and its units have cut stakes in firms such as
New China Life Insurance , Zhaojin Mining Industry Co and
Shanghai Yuyuan Tourist Mart Group . Earlier this year, the company
sold its stake in four separate firms for a combined 6.7 billion yuan. ($1 = 6.8715 Chinese yuan renminbi)
(Reporting by Jaskiran Singh in Bengaluru; Editing by Uttaresh Venkateshwaran
and Shailesh Kuber)
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