Lingyuan Iron and Steel Co, a Chinese steel maker, plans to sell shares to its parent and institutional investors to raise funds to buy a 2 billion yuan (US$293 million) iron ore mine from its parent.

The China Securities Regulatory Commission approved the sale of 128 million yuan-denominated shares to parent Lingyuan Iron & Steel Group at 9.45 yuan apiece, the Liaoning Province-based company said yesterday in a statement. Additional shares will be sold to institutions at no less than 8.51 yuan, 67 percent more than Monday's closing price, it said.

(Shanghai Daily November 19, 2008)